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  • MIL-OSI: Greystone Housing Impact Investors Reports Fourth Quarter 2024 and Annual 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., Feb. 20, 2025 (GLOBE NEWSWIRE) — On February 20, 2025, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced financial results for the three months and year ended December 31, 2024.

    Financial Highlights

    The Partnership reported the following results as of and for the three months ended December 31, 2024:

    • Net income of $0.39 per Beneficial Unit Certificate (“BUC”), basic and diluted
    • Cash Available for Distribution (“CAD”) of $0.18 per BUC
    • Total assets of $1.58 billion
    • Total Mortgage Revenue Bond (“MRB”) and Governmental Issuer Loan (“GIL”) investments of $1.25 billion

    The difference between reported net income per BUC and CAD per BUC is primarily due to the treatment of unrealized gains on the Partnership’s interest rate derivative positions. Unrealized gains of approximately $7.0 million are included in net income for the three months ended December 31, 2024. Unrealized gains are a result of the impact of increased market interest rates on the calculated fair value of the Partnership’s interest rate derivative positions. Unrealized gains and losses do not affect our cash earnings and are added back to net income when calculating the Partnership’s CAD. The Partnership received net cash from its interest rate derivative positions totaling approximately $1.3 million during the fourth quarter.

    The Partnership reported the following results for the year ended December 31, 2024:

    • Net income of $0.76 per BUC, basic and diluted
    • CAD of $0.95 per BUC

    In December 2024, the Partnership announced that the Board of Managers of Greystone AF Manager LLC declared a regular quarterly distribution to the Partnership’s BUC holders of $0.37 per BUC. The distribution was paid on January 31, 2025, to BUC holders of record as of the close of trading on December 31, 2024.

    Management Remarks

    “2024 was a challenging year from a number of different perspectives,” said Kenneth C. Rogozinski, the Partnership’s Chief Executive Officer. “The conditions in the multifamily markets, both higher interest rates and operating expenses, presented challenges to our joint venture equity investments. Interest rate volatility also impacted the efficiency of some of our securitization transactions. However, we are encouraged by the opportunities that we are starting to see in 2025. The dedicated pool of capital that we have from the new BlackRock construction lending joint venture is a powerful new tool for us to serve our affordable housing developer relationship base.”

    Recent Investment and Financing Activity

    The Partnership reported the following updates for the fourth quarter of 2024:

    • Advanced funds on MRB and taxable MRB investments totaling $36.8 million.
    • Advanced funds on GIL, taxable GIL and property loan investments totaling $32.0 million.
    • Advanced funds to joint venture equity investments totaling $11.2 million.
    • Received proceeds from the sale of an MRB totaling $11.5 million.
    • Entered into the 2024 PFA Securitization Transaction representing fixed rate, matched term, non-recourse and non-mark to market debt financing totaling $75.4 million.

    In January 2025, the Partnership received proceeds from the sale of Vantage at Tomball located in Tomball, Texas, totaling $14.2 million, inclusive of the Partnership’s initial investment commitment made in August 2020. The Partnership estimates it will not recognize any gain, loss, or CAD upon sale.

    Investment Portfolio Updates

    The Partnership announced the following updates regarding its investment portfolio:

    • All MRB and GIL investments are current on contractual principal and interest payments and the Partnership has received no requests for forbearance of contractual principal and interest payments from borrowers as of December 31, 2024.
    • The Partnership continues to execute its hedging strategy, primarily through interest rate swaps, to reduce the impact of changing market interest rates. The Partnership received net payments under its interest rate swap portfolio of approximately $1.3 million and $6.5 million during the three months and year ended December 31, 2024, respectively. From January 1, 2023 through December 31, 2024, the Partnership received net swap payments totaling $12.3 million or approximately $0.53 per BUC.
    • Six joint venture equity investment properties have completed construction, with three properties having previously achieved 90% occupancy. Four of the Partnership’s joint venture equity investments are currently under construction or in development, with none having experienced material supply chain disruptions for either construction materials or labor to date.

    Earnings Webcast & Conference Call

    The Partnership will host a conference call for investors on Thursday, February 20, 2025 at 4:30 p.m. Eastern Time to discuss the Partnership’s Fourth Quarter and full-year 2024 results.

    For those interested in participating in the question-and-answer session, participants may dial-in toll free at (877) 407-8813. International participants may dial-in at +1 (201) 689-8521. No pin or code number is needed.

    The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership’s website under “Events & Presentations” or via the following link:
    https://event.choruscall.com/mediaframe/webcast.html?webcastid=T0wdPGmd

    It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).

    A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022 (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

    If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

    GREYSTONE HOUSING IMPACT INVESTORS LP
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)
     
        For the Three Months Ended
    December 31,    		     For the Years Ended December 31,
        2024     2023     2024     2023    
    Revenues:                                
      Investment income $ 20,056,000     $ 20,010,343     $ 80,976,706     $ 82,266,198    
      Other interest income   2,199,643       1,034,638       9,509,307       17,756,044    
      Property revenues   –               –       4,567,506    
      Other income   330,381       60,702       785,386       310,916    
    Total revenues   22,586,024       25,184,617       91,271,399       104,900,664    
    Expenses:                                
      Real estate operating (exclusive of items shown below)   –       573,255       –       2,663,868    
      Provision for credit losses (Note 10)   (24,000 )     (466,000 )     (1,036,308 )     (2,347,000 )  
      Depreciation and amortization   5,967       313,626       23,867       1,537,448    
      Interest expense   15,840,620       16,849,384       60,032,007       69,066,763    
      Net result from derivative transactions (Note 15)   (8,239,844 )     7,168,413       (8,495,426 )     (7,371,584 )  
      General and administrative   4,787,849       4,889,014       19,652,622       20,399,489    
    Total expenses   12,370,592       29,327,692       70,176,762       83,948,984    
    Other income:                                
      Gain on sale of real estate assets   –       10,363,363       63,739       10,363,363    
      Gain on sale of mortgage revenue bond   1,207,673       –       2,220,254       –    
      Gain on sale of investments in unconsolidated entities   60,858       –       117,844       22,725,398    
      Earnings (losses) from investments in unconsolidated entities   (1,315,042 )     (17,879 )     (2,140,694 )     (17,879 )  
    Income before income taxes   10,168,921       6,202,409       21,355,780       54,022,562    
      Income tax expense (benefit)   36,398       (1,515 )     32,447       10,866    
    Net income   10,132,523       6,203,924       21,323,333       54,011,696    
      Redeemable Preferred Unit distributions and accretion   (741,477 )     (622,590 )     (2,991,671 )     (2,868,578 )  
    Net income available to Partners $ 9,391,046     $ 5,581,334     $ 18,331,662     $ 51,143,118    
                                       
    Net income available to Partners allocated to:                                
      General Partner $ 390,766     $ 75,252     $ 479,602     $ 3,589,447    
      Limited Partners – BUCs   8,937,983       5,472,230       17,587,205       47,209,260    
      Limited Partners – Restricted units   62,297       33,852       264,855       344,411    
        $ 9,391,046     $ 5,581,334     $ 18,331,662     $ 51,143,118    
    BUC holders’ interest in net income per BUC, basic and diluted $ 0.39     $ 0.24   ** $ 0.76   * $ 2.06   **
    Weighted average number of BUCs outstanding, basic   23,115,162       22,947,795   **   23,071,141   *   22,929,966   **
    Weighted average number of BUCs outstanding, diluted   23,115,162       22,947,795   **   23,071,141   *   22,929,966   **
       
    * The amounts indicated above have been adjusted to reflect the distribution completed on April 30, 2024 in the form of additional BUCs at a ratio of 0.00417 BUCs for each BUC outstanding as of March 28, 2024 on a retroactive basis.
       
    ** On July 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00448 BUCs for each BUC outstanding as of June 30, 2023 (the “Second Quarter 2023 BUCs Distribution”). On October 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00418 BUCs for each BUC outstanding as of September 29, 2023 (the “Third Quarter 2023 BUCs Distribution”). On January 31, 2024, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00415 BUCs for each BUC outstanding as of December 29, 2023 (the “Fourth Quarter 2023 BUCs Distribution”, collectively with the Second Quarter 2023 BUCs Distribution and the Third Quarter BUCs Distribution the “2023 BUCs Distributions”). The amounts indicated above have been adjusted to reflect the 2023 BUCs Distributions on a retroactive basis.
       

    Disclosure Regarding Non-GAAP Measures – Cash Available for Distribution

    The Partnership believes that CAD provides relevant information about the Partnership’s operations and is necessary, along with net income, for understanding its operating results. To calculate CAD, the Partnership begins with net income as computed in accordance with GAAP and adjusts for non-cash expenses or income consisting of depreciation expense, amortization expense related to deferred financing costs, amortization of premiums and discounts, fair value adjustments to derivative instruments, provisions for credit and loan losses, impairments on MRBs, GILs, real estate assets and property loans, deferred income tax expense (benefit), and restricted unit compensation expense. The Partnership also adjusts net income for the Partnership’s share of (earnings) losses of investments in unconsolidated entities as such amounts are primarily depreciation expenses and development costs that are expected to be recovered upon an exit event. The Partnership also deducts Tier 2 income (see Note 23 to the Partnership’s consolidated financial statements) distributable to the General Partner as defined in the Partnership Agreement and distributions and accretion for the Preferred Units. Net income is the GAAP measure most comparable to CAD. There is no generally accepted methodology for computing CAD, and the Partnership’s computation of CAD may not be comparable to CAD reported by other companies. Although the Partnership considers CAD to be a useful measure of the Partnership’s operating performance, CAD is a non-GAAP measure that should not be considered as an alternative to net income calculated in accordance with GAAP, or any other measures of financial performance presented in accordance with GAAP.

    The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income, as determined in accordance with GAAP, to CAD) for the three months and years ended December 31, 2024 and 2023 (all per BUC amounts are presented giving effect to the BUCs Distributions described in Note 23 of the consolidated financial statements on a retroactive basis for all periods presented):

        For the Three Months Ended
    December 31,    		     For the Years Ended December 31,
        2024     2023     2024     2023    
    Net income $ 10,132,523     $ 6,203,924     $ 21,323,333     $ 54,011,696    
    Unrealized (gains) losses on derivatives, net   (6,978,561 )     9,994,292       (2,097,900 )     3,173,398    
    Depreciation and amortization expense   5,967       313,626       23,867       1,537,448    
    Provision for credit losses (1)   (24,000 )     (466,000 )     (867,000 )     (2,347,000 )  
    Reversal of gain on sale of real estate assets (2)   –       (10,363,363 )     –       (10,363,363 )  
    Amortization of deferred financing costs   466,105       710,271       1,653,805       2,461,713    
    Restricted unit compensation expense   436,052       473,127       1,891,633       2,013,736    
    Deferred income taxes   1,164       2,796       2,435       (362 )  
    Redeemable Preferred Unit distributions and accretion   (741,477 )     (622,590 )     (2,991,671 )     (2,868,578 )  
    Tier 2 income allocable to the General Partner (3)   (309,858 )     (19,439 )     (309,858 )     (3,248,148 )  
    Recovery of prior credit loss (4)   (17,156 )     (17,156 )     (69,000 )     (68,812 )  
    Bond premium, discount and acquisition fee amortization, net
       of cash received    		   (90,310 )     (42,900 )     1,247,066       (182,284 )  
    (Earnings) losses from investments in unconsolidated entities   1,315,042       17,879       2,140,694       17,879    
    Total CAD $ 4,195,491     $ 6,184,467     $ 21,947,404     $ 44,137,323    
                                       
    Weighted average number of BUCs outstanding, basic   23,115,162       22,947,795       23,071,141       22,929,966    
    Net income per BUC, basic $ 0.39     $ 0.24     $ 0.76     $ 2.06    
    Total CAD per BUC, basic $ 0.18     $ 0.27     $ 0.95     $ 1.92    
    Cash Distributions declared, per BUC $ 0.37     $ 0.367     $ 1.478     $ 1.46    
    BUCs Distributions declared, per BUC (5) $ –     $ 0.07     $ 0.07     $ 0.21    
       
    (1) The adjustments reflect the change in allowances for credit losses which requires the Partnership to update estimates of expected credit losses for its investment portfolio at each reporting date. In connection with the final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB in July 2024, the Partnership recovered approximately $169,000 of its previously recognized allowance credit loss which is not included as an adjustment to net income in the calculation of CAD.
       
    (2) The gain on sale of real estate assets from the sale of the Suites on Paseo MF Property represented a recovery of prior depreciation expense that was not reflected in the Partnership’s previously reported CAD, so the gain on sale was deducted from net income in determining CAD for 2023.
       
    (3) As described in Note 23 to the Partnership’s consolidated financial statements, Net Interest Income representing contingent interest and Net Residual Proceeds representing contingent interest (Tier 2 income) will be distributed 75% to the limited partners and BUC holders, as a class, and 25% to the General Partner. This adjustment represents 25% of Tier 2 income due to the General Partner.
       
      For the year ended December 31, 2024, Tier 2 income allocable to the General Partner consisted of approximately $310,000 related to the gain on sale of the Arbors at Hickory Ridge MRB in November 2024.
       
      For the year ended December 31, 2023, Tier 2 income allocable to the General Partner consisted of approximately $3.8 million related to the gains on sale of Vantage at Stone Creek and Vantage at Coventry in January 2023 and approximately $813,000 related to the gain on sale of Vantage at Conroe in June 2023, offset by a $1.4 million Tier 2 loss allocable to the General Partner related to the Provision Center 2014-1 MRB realized in January 2023 upon receipt of the majority of expected bankruptcy liquidation proceeds.
       
    (4) The Partnership determined there was a recovery of previously recognized impairment recorded for the Live 929 Apartments Series 2022A MRB prior to January 1, 2023. The Partnership is accreting the recovery of prior credit loss for this MRB into investment income over the term of the MRB consistent with applicable guidance. The accretion of recovery of value is presented as a reduction to current CAD as the original provision for credit loss was an addback for CAD calculation purposes in the period recognized.
       
    (5) The Partnership declared a distribution payable in the form of additional BUCs equal to $0.07 per BUC for outstanding BUCs as of the record date of March 28, 2024.
       
      The Partnership declared three separate distributions during 2023 each payable in the form of additional BUCs equal to $0.07 per BUC for outstanding BUCs as of the record dates of June 30, September 29, and December 29, 2023.
       

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com

    INVESTOR CONTACT:
    Andy Grier
    Investors Relations
    402-952-1235

    The MIL Network –

  • MIL-OSI United Kingdom: Birmingham City Council – Notice of Public Interest Report

    Source: City of Birmingham

    Published: Thursday, 20th February 2025

    Local Audit and Accountability Act 2014, Council House, Victoria Square Birmingham B1 1BB

    Notice is hereby given that pursuant to Section 24 and Schedule 7 of the Local Audit and Accountability Act 2014 (“the Act”), Grant Thornton UK LLP, the local auditor of the accounts for Birmingham City Council has made a report in the public interest relating to the implementation of Enterprise Resource Planning System (ERP) and a copy can be downloaded here.

    In accordance with the requirements of the Act, commencing from Monday 24 February 2025 between 10am and 4pm on weekdays any person may inspect the report and make a copy of it, or any part of it, at the Council’s offices at Victoria Square, Birmingham B1 1BB. Alternatively, the report is available using the link above.

    Notice is also given that pursuant to Section 24 and Schedule 7 of the Local Audit and Accountability Act 2014 that a meeting of the Council will be held on Tuesday 11 March 2025 commencing at 2.00pm in order to consider the above report in the public interest. The Report makes a series of recommended learning points which the Council will consider at this upcoming meeting.

    Dated :  20 February 2025.

    Joanne Roney Managing Director

    Birmingham City Council, Council House, Victoria Square, Birmingham

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Health Bureau launches new eHealth registration channel and time-limited gift redemption campaign to encourage citizens to establish lifelong electronic health records for their children early

    Source: Hong Kong Government special administrative region

    Health Bureau launches new eHealth registration channel and time-limited gift redemption campaign to encourage citizens to establish lifelong electronic health records for their children early
    Health Bureau launches new eHealth registration channel and time-limited gift redemption campaign to encourage citizens to establish lifelong electronic health records for their children early
    ******************************************************************************************

         The Health Bureau (HHB) announced that citizens are able to open eHealth accounts for their children aged under 16 via the one-stop platform on the eHealth mobile application (eHealth App) from today (February 20), making it more convenient to manage health records of their children. The HHB also introduced a time-limited gift redemption campaign on the same day to encourage parents to register eHealth for their children and to promote public participation in the health challenges on the “e+ Life” platform under eHealth and build healthy habits.     Starting today, citizens registered with eHealth can log into the eHealth App to register eHealth for their children aged under 16 and verify their identities through the one-stop “My Family” function. Parents can create eHealth accounts for their children easily and conveniently by just taking a photo of their children’s Hong Kong Birth Certificate, verifying and filling in the relevant information. Upon successful registration, their children can start building a personal lifelong electronic health record from an early age and receive coherent healthcare services as they grow up. Through the “My Family” function, parents can also access and manage their children’s health records, including vaccination, allergy or adverse drug reaction and growth records. For further details of the new registration channel, please visit the eHealth thematic website (app.ehealth.gov.hk/caregiver).     From today until May 31, children aged under 16 will earn health coins on their eHealth App account for gift redemption, after successful eHealth registration by their parents. Moreover, from today until July 31, parents who register their newborns aged under 1 with eHealth will also receive an extra limited edition Newborn Gift Box, which includes a multipurpose baby stroller bag, a mini soft tape measure, an eHealth picture book and other exquisite gifts. Eligible parents will be notified of the Newborn Gift Box redemption via their registered communication means on eHealth. To receive the Gift Box, they simply need to log into the “My Family” function of the eHealth App and select the delivery address in accordance with the instructions. For details of the collection of the Newborn Gift Box, please visit the eHealth thematic website (app.ehealth.gov.hk/gifts-redemption).     The Government has been promoting the use of eHealth to assist citizens in managing health records of their own and their family members, as well as developing a healthier lifestyle. Among other things, the HHB launched the “e+ Life” health challenge platform under eHealth in September 2024 to encourage citizens to participate in different health challenges, including the “e+ Go to the Park” and the concluded “10 000 Steps a Day Walking Challenge 2024”, allowing them to work out while gaming as well as accumulate health coins. From today until May 31, citizens can use the health coins earned from the “e+ Life” health challenges or eHealth registration of their children to redeem rewards. By scanning the redemption QR code on the eHealth App at designated self-service gift redemption machines located at the following locations, they can redeem a variety of gifts, such as eco umbrella pouches, eco portable cutlery sets and portable picnic mats.1. Harbour Road Sports Centre 2. Victoria Park Swimming Pool 3. Kwun Tong Swimming Pool 4. Kowloon Park Sports Centre5. Sham Shui Po Sports Centre6. Tiu Keng Leng Sports Centre 7. Che Kung Temple Sports Centre 8. Tsuen Wan Sports Centre 9. Yuen Long Sports Centre      In addition, the HHB will launch a two-week promotional campaign at Times Square, Causeway Bay, in mid-March to assist members of the public to register for eHealth, download the eHealth App and gain a better understanding of its functions. The campaign will feature various interactive activities and on-site giveaways to enhance public understanding of eHealth. A self-service gift redemption machine will also be set up for citizens to redeem gifts with their health coins.     For more information of the gift redemption and self-service gift redemption machines, as well as updates of the eHealth promotional events, please visit the eHealth thematic website (app.ehealth.gov.hk/elife-redemption) or call the hotline at 3467 6300 for inquiries. The hotline service runs from 9am to 9pm from Mondays to Fridays (except public holidays).

     
    Ends/Thursday, February 20, 2025Issued at HKT 14:55

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: TransAlta Reports Strong 2024 Results, Announces Dividend Increase and 2025 Annual Guidance

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 20, 2025 (GLOBE NEWSWIRE) — TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported its financial results for the fourth quarter and year ended Dec. 31, 2024.

    “Our business delivered solid results within the upper range of our guidance, driven by high availability across our generation portfolio, along with the enduring performance of our optimization and hedging strategies. During the year, we added 2.2 GW of generation to our fleet, with three contracted wind facilities achieving commercial operation in addition to the acquisition of Heartland Generation. We also returned $214 million, or $0.71 per share, of value to shareholders through dividends and share repurchases at an average price of $10.59 per share,” said John Kousinioris, President and Chief Executive Officer of TransAlta.

    “Given our confidence in the future, we are pleased to announce that our Board of Directors has approved an eight per cent increase to our common share dividend, now equivalent to $0.26 per share on an annualized basis. This represents our sixth consecutive annual dividend increase, affirming our Company’s commitment to returning value to shareholders,” added Mr. Kousinioris.

    “Our portfolio of generating facilities continues to perform well. In 2025, we expect to generate between $450 and $550 million of free cash flow. We maintain a balanced, prudent and disciplined approach to capital allocation and balance sheet strength. We remain focused on advancing development opportunities at our legacy thermal energy campuses, along with pursuing longer term growth options with a commitment to maximizing shareholder value. Looking to 2025 and beyond, I am optimistic about our Company’s momentum and opportunities.”

    Fourth Quarter 2024 Financial Highlights

    • Adjusted EBITDA(1) of $285 million, compared to $289 million for the same period in 2023
    • Free Cash Flow (FCF)(1) of $48 million, or $0.16 per share, compared to $121 million, or $0.39 per share, for the same period in 2023
    • Cash flow from operating activities of $215 million, compared to $310 million from the same period in 2023
    • Net loss attributable to common shareholders of $65 million, or $0.22 per share, compared to $84 million, or $0.27 per share, for the same period in 2023

    Full Year 2024 Financial Highlights

    • Achieved the upper range of both 2024 adjusted EBITDA and FCF guidance
    • Returned $143 million of capital to common shareholders through the buyback of 13.5 million common shares at an average price of $10.59 per share
    • Adjusted EBITDA of $1,253 million, compared to $1,632 million from the same period in 2023
    • FCF of $569 million, or $1.88 per share, compared to $890 million, or $3.22 per share, from the same period in 2023
    • Net earnings attributable to common shareholders of $177 million, or $0.59 per share, compared to $644 million, or $2.33 per share, from the same period in 2023
    • Exited 2024 with a strong financial position, with adjusted net debt to adjusted EBITDA of 3.6 times and available liquidity of $1.6 billion

    Other Business Highlights and Updates

    • Announced an annual dividend increase of eight per cent, now equivalent to $0.26 per share on an annualized basis, which represents the sixth year of consecutive dividend growth
    • Provided 2025 guidance including adjusted EBITDA of $1.15 to $1.25 billion and FCF of $450 to $550 million, or $1.51 to $1.85 per share
    • Completed the acquisition of Heartland Generation at a purchase price of $542 million in December 2024, which added 1.7 GW to gross installed capacity
    • Achieved strong operational availability of 91.2 per cent in 2024, compared to 88.8 per cent in 2023
    • 2024 Total Recordable Injury Frequency of 0.56 compared to 0.30 in 2023
    • Reduced scope 1 and 2 GHG emissions intensity in 2024 to 0.35 tCO2e/MWh from 2023 levels of 0.41 tCO2e/MWh
    • Achieved commercial operation at the White Rock West and East wind facilities in January and April 2024, respectively
    • Achieved commercial operation at the Horizon Hill facility in May 2024
    • Completed the Mount Keith 132kV expansion project during the first quarter of 2024

    Key Business Developments

    Declared Increase in Common Share Dividend
    The Company’s Board of Directors has approved a $0.02 annualized increase to the common share dividend, or 8 per cent increase, and declared a dividend of $0.065 per common share to be payable on July 1, 2025 to shareholders of record at the close of business on June 1, 2025. The quarterly dividend of $0.065 per common share represents an annualized dividend of $0.26 per common share.

    TransAlta Acquired Heartland Generation from Energy Capital Partners

    On Dec. 4, 2024, the Company closed the acquisition of Heartland Generation Ltd. and certain affiliates (collectively, Heartland) for a purchase price of $542 million from an affiliate of Energy Capital Partners (ECP), the parent of Heartland (the Transaction). To meet the requirements of the federal Competition Bureau, the Company entered into a consent agreement with the Commissioner of Competition pursuant to which TransAlta agreed to divest Heartland’s Poplar Hill and Rainbow Lake assets (the Planned Divestitures) following closing of the Transaction. In consideration of the Planned Divestitures, TransAlta and ECP agreed to a reduction of $80 million from the original purchase price for the Transaction. ECP will be entitled to receive the proceeds from the sale of Poplar Hill and Rainbow Lake, net of certain adjustments following completion of the Planned Divestitures. TransAlta also received a further $95 million at closing of the Transaction to reflect the economic benefit of the Heartland business arising from Oct. 31, 2023 to the closing date of the Transaction, pursuant to the terms of the share purchase agreement. The net cash payment for the Transaction, before working capital adjustments, totalled $215 million, and was funded through a combination of cash on hand and draws on TransAlta’s credit facilities.

    Excluding the Planned Divestitures, the Transaction adds 1.7 GW (net interest) of complementary capacity from nine facilities, including contracted cogeneration and peaking generation, legacy gas-fired thermal generation, and transmission capacity, all of which will be critical to support reliability in the Alberta electricity market.

    Mothballing of Sundance Unit 6

    On Nov. 4, 2024, the Company provided notice to the Alberta Electric System Operator (AESO) that Sundance Unit 6 will be mothballed on April 1, 2025, for a period of up to two years depending on market conditions. TransAlta maintains the flexibility to return the mothballed unit to service when market fundamentals improve or opportunities to contract are secured. The unit remains available and fully operational for the first quarter of 2025.

    Production Tax Credit (PTC) Sale Agreements

    On Feb. 22, 2024, the Company entered into 10-year transfer agreements with an AA- rated customer for the sale of approximately 80 per cent of the expected PTCs to be generated from the White Rock and the Horizon Hill wind facilities.

    On June 21, 2024, the Company entered into an additional 10-year transfer agreement with an A+ rated customer for the sale of the remaining 20 per cent of the expected PTCs.

    The expected average annual EBITDA(1) from the two agreements is approximately $78 million (US$57 million).

    Normal Course Issuer Bid (NCIB)

    TransAlta remains committed to enhancing shareholder returns through appropriate capital allocation such as share buybacks and its quarterly dividend. In the first quarter of 2024, the Company announced an enhanced common share repurchase program for 2024, allocating up to $150 million, and targeting up to 42 per cent of 2024 FCF guidance, to be returned to shareholders in the form of share repurchases and dividends.

    On May 27, 2024, the Company announced that it had received approval from the Toronto Stock Exchange to purchase up to 14 million common shares pursuant to an NCIB during the 12-month period that commenced May 31, 2024, and terminates May 31, 2025. Any common shares purchased under the NCIB will be cancelled.

    For the year ended Dec. 31, 2024, the Company purchased and cancelled a total of 13,467,400 common shares at an average price of $10.59 per common share, for a total cost of $143 million, including taxes.

    Horizon Hill Wind Facility Achieves Commercial Operation

    On May 21, 2024, the 202 MW Horizon Hill wind facility achieved commercial operation. The facility is located in Logan County, Oklahoma and is fully contracted to Meta Platforms Inc. for the offtake of 100 per cent of the generation.

    White Rock Wind Facilities Achieve Commercial Operation

    On Jan. 1, 2024, the 100 MW White Rock West wind facility achieved commercial operation. On April 22, 2024, the 202 MW White Rock East wind facility also completed commissioning. The facilities are located in Caddo County, Oklahoma and are contracted under two long-term power purchase agreements (PPAs) with Amazon Energy LLC for the offtake of 100 per cent of the generation.

    Mount Keith 132kV Expansion Complete

    The Mount Keith 132kV expansion project, located in Western Australia, was completed during the first quarter of 2024. The expansion was developed under the existing PPA with BHP Nickel West (BHP), which extends until Dec. 31, 2038. The expansion will facilitate the connection of additional generating capacity to the transmission network which supports BHP’s operations.

    Year Ended and Fourth Quarter 2024 Highlights

    $ millions, unless otherwise stated Year Ended Three Months Ended
    Dec. 31, 2024 Dec. 31, 2023 Dec. 31, 2024   Dec. 31, 2023  
    Operational information        
    Availability (%) 91.2 88.8 87.8   86.9  
    Production (GWh) 22,811 22,029 6,199   5,783  
    Select financial information        
    Revenues 2,845 3,355 678   624  
    Adjusted EBITDA(1) 1,253 1,632 285   289  
    Earnings (loss) before income taxes 319 880 (51 ) (35 )
    Net earnings (loss) attributable to common shareholders 177 644 (65 ) (84 )
    Cash flows        
    Cash flow from operating activities 796 1,464 215   310  
    Funds from operations(1) 810 1,351 137   229  
    Free cash flow(1) 569 890 48   121  
    Per share        
    Net earnings (loss) per share attributable to common shareholders, basic and diluted 0.59 2.33 (0.22 ) (0.27 )
    Funds from operations per share(1),(2) 2.68 4.89 0.46   0.74  
    FCF per share(1),(2) 1.88 3.22 0.16   0.39  
    Dividends declared per common share 0.24 0.22 0.12   0.12  
    Weighted average number of common shares outstanding 302 276 298   308  


    Segmented Financial Performance

    $ millions

    		 Year Ended Three Months Ended
    Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Hydro 316   459   57   56  
    Wind and Solar 316   257   95   82  
    Gas 535   801   116   141  
    Energy Transition 91   122   28   26  
    Energy Marketing 131   109   27   14  
    Corporate (136 ) (116 ) (38 ) (30 )
    Adjusted EBITDA 1,253   1,632   285   289  
    Earnings (loss) before
    income taxes    		 319   880   (51 ) (35 )


    Full Year 2024 Financial Results Summary

    For the year ended Dec. 31, 2024, the Company demonstrated strong financial and operational performance. The results were within the upper range of management’s expectations due to active management of the Company’s merchant portfolio and hedging strategies. During 2024, the Company settled a higher volume of hedges at prices that were significantly above the spot market in Alberta and achieved commercial operation at the White Rock and Horizon Hill wind facilities. On Dec. 4, 2024, the Company completed the acquisition of Heartland Generation, which added 1.7 GW to gross installed capacity. Refer to the Significant and Subsequent Events section of our MD&A dated Dec. 31, 2024, for details on the Heartland acquisition and the Planned Divestitures.

    Availability for the year ended Dec. 31, 2024, was 91.2 per cent, compared to 88.8 per cent in 2023, an increase of 2.4 percentage points, primarily due to:

    • The addition of the White Rock and Horizon Hill wind facilities; and
    • The return to service of the Kent Hills wind facilities.

    Total production for the year ended Dec. 31, 2024, was 22,811 GWh, compared to 22,029 GWh for the same period in 2023, an increase of 782 GWh, or four per cent, primarily due to:

    • Production from new facilities, including the White Rock West and East wind facilities commissioned in January and April 2024, respectively, the Horizon Hill wind facility commissioned in May 2024, and the Northern Goldfields solar facilities commissioned in November 2023;
    • Production from the facilities acquired with Heartland;
    • Favourable market conditions in the Ontario wholesale power market that enabled higher dispatch at the Sarnia facility in the Gas segment that resulted in higher merchant production to the Ontario grid;
    • The return to service of the Kent Hills wind facilities in the first quarter of 2024; and
    • Full-year production from the Garden Plain wind facility; partially offset by
    • Increased economic dispatch at the Centralia facility due to lower market prices compared to the prior year in the Energy Transition segment; and
    • Higher dispatch optimization in Alberta.

    Adjusted EBITDA for the year ended Dec. 31, 2024, was $1,253 million, compared to $1,632 million in 2023, a decrease of $379 million, or 23.2 per cent. The major factors impacting adjusted EBITDA include:

    • Gas adjusted EBITDA decreased by $266 million, or 33 per cent, compared to 2023, primarily due to lower power prices in the Alberta market and resulting increase in economic dispatch, an increase in the price of carbon, higher carbon costs and fuel usage related to production and lower capacity payments, partially offset by a higher volume of favourable hedging positions settled, the utilization of emission credits to settle a portion of our 2023 GHG obligation and lower natural gas prices;
    • Hydro adjusted EBITDA decreased by $143 million, or 31 per cent, compared to 2023, primarily due to lower spot power prices and ancillary services prices in the Alberta market, partially offset by realized premiums above the spot power prices, higher environmental and tax attributes revenues due to higher sales of emission credits to third parties and intercompany sales to the Gas segment and higher ancillary service volumes due to increased demand by the AESO;
    • Energy Transition adjusted EBITDA decreased by $31 million, or 25 per cent, compared to 2023, primarily due to increased economic dispatch driven by lower market prices which negatively impacted merchant production, partially offset by lower fuel and purchased power costs; and
    • Corporate adjusted EBITDA decreased by $20 million, or 17 per cent, compared to 2023, primarily due to higher spending to support strategic and growth initiatives; partially offset by
    • Wind and Solar adjusted EBITDA increasing by $59 million, or 23 per cent, compared to 2023, primarily due to new sales of production tax credits, the return to service of the Kent Hills wind facilities, the commercial operation of the White Rock and Horizon Hill wind facilities, partially offset by lower realized power pricing in the Alberta market and higher OM&A due to the addition of new wind facilities; and
    • Energy Marketing adjusted EBITDA increasing by $22 million, or 20 per cent, compared to 2023, primarily due to favourable market volatility and timing of realized settled trades during the current year in comparison to the prior year and lower OM&A.

    Cash flow from operating activities totalled $796 million for the year ended Dec. 31, 2024, compared to $1,464 million in the same period in 2023, a decrease of $668 million, or 46 per cent, primarily due to:

    • Lower gross margin due to lower revenues, excluding the effect of unrealized losses from risk management activities, partially offset by lower fuel and purchased power;
    • Higher OM&A due to increased spending on planning and design of an ERP system upgrade, higher spending on strategic and growth initiatives, penalties assessed by the Alberta Market Surveillance Administrator for self-reported contraventions and Heartland acquisition-related transaction and restructuring costs;
    • Higher current income tax expense due to the full utilization of Canadian non-capital loss carryforwards in 2023, which was partially offset by lower earnings before income tax in 2024;
    • Unfavourable change in non-cash operating working capital balances due to lower accounts payables and accrued liabilities, partially offset by lower collateral provided as a result of market price volatility;
    • Higher interest expense on debt primarily due to lower capitalized interest resulting from lower construction activity in 2024 compared to 2023; and
    • Lower interest income due to lower cash balances and lower interest rates.

    FCF totalled $569 million for the year ended Dec. 31, 2024, compared to $890 million for the same period in 2023, a decrease of $321 million, or 36 per cent, primarily driven by:

    • The adjusted EBITDA items noted above;
    • Higher current income tax expense due to the full utilization of Canadian non-capital loss carryforwards in 2023, partially offset by lower earnings before income taxes in 2024; and
    • Higher net interest expense due to lower capitalized interest resulting from lower construction activity in 2024 compared to 2023, and lower interest income due to lower cash balances and interest rates in 2024 compared to prior year; partially offset by
    • Lower distributions paid to subsidiaries’ non-controlling interests relating to lower TA Cogen net earnings resulting from lower merchant pricing in the Alberta market and the cessation of distributions to TransAlta Renewables non-controlling interest;
    • Lower sustaining capital expenditures due to the receipt of a lease incentive related to the Company’s head office and lower planned major maintenance at our Alberta and Western Australian gas facilities, partially offset by higher major maintenance at our Alberta Hydro assets; and
    • Higher provisions accrued in the current year compared to the prior year resulting in higher FCF.

    Earnings before income taxes totalled $319 million for the year ended Dec. 31, 2024, compared to $880 million in the same period in 2023, a decrease of $561 million, or 64 per cent.

    Net earnings attributable to common shareholders totalled $177 million for the year ended Dec. 31, 2024, compared to $644 million in the same period in 2023, a decrease of $467 million, or 73 per cent, primarily due to:

    • The adjusted EBITDA items discussed above;
    • Higher asset impairment charges due to an increase in decommissioning and restoration provisions on retired assets, driven by a decrease in discount rates and revisions in estimated decommissioning costs and higher impairment charges related to development projects that are no longer proceeding;
    • Lower unrealized mark-to-market gains and lower realized gains on closed exchange positions in the Energy Marketing segment mainly driven by market volatility across North American power and natural gas markets;
    • Higher unrealized mark-to-market losses recorded in the Wind and Solar segment primarily related to the long-term wind energy sales at the Oklahoma facilities;
    • Higher interest expense due to lower capitalized interest during 2024 resulting from lower construction activity in 2024 compared to 2023;
    • Lower capacity payments in 2024 for Southern Cross Energy in Western Australia due to the scheduled conclusion on Dec. 31, 2023 of the demand capacity charge under the customer contract, partially offset by the commencement in March 2024 of capacity payments for the Mount Keith 132kV expansion;
    • Heartland acquisition-related transaction and restructuring costs;
    • Lower interest income due to lower cash balances and lower interest rates during 2024;
    • Higher spending in connection with planning and design work on a planned upgrade to the ERP system;
    • Lower income tax expense due to lower earnings; and
    • Penalties assessed by the Alberta Market Surveillance Administrator for self-reported contraventions pertaining to Hydro ancillary services provided during 2021 and 2022; partially offset by
    • Lower depreciation and amortization compared to 2023 related to revisions of useful lives of certain facilities in prior and current periods, partially offset by the commercial operation of new facilities during the year and the return to service of the Kent Hills wind facilities;
    • Higher unrealized mark-to-market gains recorded in the Energy Transition segment primarily related to favourable changes in forward prices;
    • A recovery related to the reversal of previously derecognized Canadian deferred tax assets; and
    • Higher net other operating income mainly due to Sundance A decommissioning cost reimbursement.

    Fourth Quarter Financial Results Summary

    Fourth quarter 2024 results were in-line with management’s expectations due to active management of the Company’s merchant portfolio and hedging strategies, despite lower power prices in the Alberta and mid-Columbia markets. The Company settled a higher volume of hedges that were significantly above average spot prices during the period. The acquisition of Heartland on Dec. 4, 2024 positively contributed to production in the Gas segment and further diversifies TransAlta’s competitive portfolio in the highly dynamic and shifting electricity landscape in Alberta by adding 1.7 GW to gross installed capacity.

    Availability for the three months ended Dec. 31, 2024, was 87.8 per cent, compared to 86.9 per cent for the same period in 2023, an increase of 0.9 percentage points, primarily due to:

    • The addition of the White Rock and Horizon Hill wind facilities which operated with high availability;
    • The return to service of the Kent Hills wind facilities;
    • Higher availability in the Hydro segment due to lower planned outages;
    • Higher availability in the Energy Transition segment due to lower unplanned outages; and
    • Positive contribution from the addition of the gas facilities acquired with Heartland; partially offset by
    • Lower availability for the Gas segment due to planned outages at Sarnia, Sheerness and Keephills.

    Production for the three months ended Dec. 31, 2024, was 6,199 GWh, compared to 5,783 GWh for the same period in 2023. The increase of 416 GWh, or seven per cent, was primarily due to:

    • Higher production in the Wind and Solar segment due to the addition of the Horizon Hill and White Rock West and East wind facilities during 2024;
    • Higher production in the Hydro segment compared to the same period in 2023 due to water conservation in the fourth quarter of 2023 that resulted in lower production volumes compared to the current period; partially offset by
    • Lower production in the Energy Transition segment due to higher dispatch optimization, which negatively affected merchant production; and
    • Lower production in the Gas segment driven by lower availability at the Sarnia facility due to planned outages, higher economic dispatch in Alberta and lower production from Western Australia due to lower demand, partially offset by positive contribution from the Heartland gas facilities.

    Adjusted EBITDA for the three months ended Dec. 31, 2024, was $285 million, compared to $289 million in the same period of 2023, a decrease of $4 million, or one per cent. The major factors impacting adjusted EBITDA are summarized below:

    • Gas adjusted EBITDA decreased by $25 million, or 18 per cent, due to lower realized power prices in Alberta, an increase in the carbon price in Canada and higher OM&A driven by higher maintenance costs at the South Hedland facility, partially offset by a higher volume of favourable hedging positions settled, positive contribution from the Heartland gas facilities and lower capacity payments;
    • Corporate adjusted EBITDA decreased by $8 million, or 27 per cent, due to higher spending to support strategic and growth initiatives; partially offset by
    • Wind and Solar adjusted EBITDA increasing by $13 million, or 16 per cent, due to environmental and tax attributes revenues from the sale of PTCs from the White Rock and Horizon Hill wind facilities to taxable US counterparties, higher revenues driven by increased production from the addition of the White Rock and Horizon Hill wind facilities and the return to service of the Kent Hills wind facilities, partially offset by unfavourable merchant power prices in Alberta;
    • Energy Marketing adjusted EBITDA increasing by $13 million, or 93 per cent, due to favourable market volatility and the timing of realized settled trades during 2024 in comparison to the same period in 2023;
    • Energy Transition adjusted EBITDA increasing by $2 million, or eight per cent, compared to 2023, primarily due to lower fuel and purchased power costs, partially offset by increased economic dispatch due to lower market prices; and
    • Hydro adjusted EBITDA increasing by $1 million, or two per cent, due to higher merchant revenues driven by higher volumes, partially offset by lower spot power prices and lower environmental and tax attributes revenues.

    FCF totalled $48 million for the three months ended Dec. 31, 2024, compared to $121 million in the same period in 2023, a decrease of $73 million, or 60 per cent, primarily due to:

    • The adjusted EBITDA items noted above;
    • Higher realized foreign exchange losses compared to realized foreign exchange gains in the comparative period;
    • Higher current income tax expense due to the full utilization of Canadian non-capital loss carryforwards in 2023, partially offset by a higher loss before income taxes in the current period compared to the same period in 2023;
    • Higher net interest expense due to lower capitalized interest as a result of capital projects being completed in the first half of 2024 and lower interest income due to lower cash balances in 2024; and
    • Higher dividends paid on preferred shares; partially offset by
    • Lower distributions paid to subsidiaries’ non-controlling interests due to lower TA Cogen net earnings;
    • Lower sustaining capital due to lower planned maintenance at the Alberta gas facilities, partially offset by higher planned maintenance at the Sarnia cogeneration facility and Alberta hydro facilities; and
    • Higher provisions accrued in the current year compared to the prior year resulting in higher FCF.

    Net loss attributable to common shareholders for the three months ended Dec. 31, 2024, was $65 million, compared to a net loss of $84 million in the same period of 2023, an improvement of $19 million, or 23 per cent, primarily due to:

    • The adjusted EBITDA items discussed above;
    • Higher interest expense due to lower capitalized interest in the fourth quarter of 2024 resulting from lower capital activity compared to the same period in 2023;
    • Heartland acquisition-related transaction and restructuring costs in the fourth quarter of 2024;
    • Higher ERP upgrade costs related to planning and design work;
    • Penalties assessed by the Alberta Market Surveillance Administrator for self-reported contraventions pertaining to Hydro ancillary services provided during 2021 and 2022;
    • Higher depreciation and amortization due to the commercial operation of the White Rock and Horizon Hill wind facilities during 2024; and
    • Higher taxes other than income taxes, mainly consisting of property taxes due to the addition of new wind facilities during 2024; partially offset by
    • Higher realized and unrealized foreign exchange gains;
    • Lower realized gains on closed exchange positions in 2024 compared to the same period in 2023;
    • An income tax recovery relative to the prior period expense as a result of a higher loss before income taxes due to the above noted items; in addition to lower non-deductible expenses;
    • Lower net earnings attributable to non-controlling interest compared to the same period in 2023 due to lower merchant pricing in the Alberta market;
    • Higher net other operating income mainly due to Sundance A decommissioning cost reimbursement; and
    • Lower asset impairment charges related to the decommissioning and restoration provisions on retired assets driven by lower discount rates in the current period compared to the same period in 2023, partially offset by impairment charges related to development projects that are no longer proceeding.

    Alberta Electricity Portfolio

    For the three months and year ended Dec. 31, 2024, the Alberta electricity portfolio generated 3,150 GWh and 11,809 GWh, respectively, compared to 2,989 GWh and 11,759 GWh, respectively, in the same periods in 2023. The annual production increase of 50 GWh, or 0.4 per cent, was primarily due to:

    • Higher production in the Gas segment due to the addition of gas facilities from the acquisition of Heartland; and
    • A full-year of production from the addition of the Garden Plain wind facility, which was commissioned in August 2023; partially offset by
    • Higher dispatch optimization in the Gas segment; and
    • Lower production from the Alberta hydro facilities due to lower water resources compared to the prior year.

    The fourth quarter production increase of 161 GWh, or five per cent, benefited from:

    • Higher production from the Gas segment due to the Heartland acquisition; and
    • Higher production from the Alberta hydro facilities due to significant water conservation during the fourth quarter of 2023; partially offset by
    • Higher economic dispatch for the Alberta gas facilities; and
    • Lower production in the Wind and Solar segment due to lower wind resource.

    Gross margin for the Alberta portfolio for the three months and year ended Dec. 31, 2024, was $191 million and $856 million, respectively, a decrease of $24 million and $392 million, respectively, compared to the same periods in 2023. The annual decrease was primarily due to:

    • The impact of lower Alberta spot power prices and lower hydro ancillary services prices;
    • Increased dispatch optimization in the Gas segment driven by lower power prices; and
    • An increase in the carbon price per tonne from $65 in 2023 to $80 in 2024; partially offset by
    • Higher gains realized on financial hedges settled in the period;
    • Higher environmental and tax attributes revenues due to the increased sales of emission credits to third parties and intercompany sales from the Hydro segment to the Gas segment;
    • The utilization of emission credits in the Gas segment in 2024 to settle a portion of our 2023 GHG obligation;
    • Higher hydro ancillary services volumes due to increased demand by the AESO; and
    • Lower natural gas prices.

    Gross margin for the three months ended Dec. 31, 2024 was impacted by:

    • Lower Alberta spot power prices;
    • Higher carbon compliance costs due to increase in the carbon price from $65 per tonne in 2023 to $80 per tonne in 2024; and
    • Higher purchased power due to the contractual requirement to fulfill physical power trades; partially offset by
    • Higher gains realized on financial hedges settled in the period.

    Alberta power prices for 2024 were lower compared to 2023. The average spot power price per MWh for the three months and year ended Dec. 31, 2024, was $52 and $63, respectively, compared to $82 and $134, respectively, in the same periods in 2023. This was primarily due to:

    • Higher generation from the addition of increased supply of new renewables and combined-cycle gas facilities into the market compared to the prior period; and
    • Lower natural gas prices.

    Hedged volumes for the three months and year ended Dec. 31, 2024, were 2,637 GWh and 9,080 GWh at an average price of $80 per MWh and $84 per MWh, respectively, compared to 1,824 GWh and 7,550 GWh at an average price of $90 per MWh and $110 per MWh, respectively, in 2023.

    Liquidity and Financial Position

    We maintain adequate available liquidity under our committed credit facilities. As at Dec. 31, 2024, we had access to $1.6 billion in liquidity, including $336 million in cash, which exceeds the funds required for committed growth, sustaining capital and productivity projects.

    2025 Outlook and Financial Guidance

    For 2025, management expects adjusted EBITDA to be in the range of $1.15 to $1.25 billion and FCF to be in the range of $450 to $550 million, based on the following, relative to 2024:

    • Higher contribution from the wind and solar portfolio due to a full-year impact of new asset additions of the White Rock and Horizon Hill wind facilities;
    • Contribution from assets acquired with Heartland;
    • Lower contributions from the legacy merchant hydro, wind and gas assets in Alberta which are expected to step down due to lower expected average power prices in Alberta given baseload gas and renewables supply additions in late 2024 and 2025;
    • Lower current income tax expense in 2025 compared to 2024 actual; and
    • Increased net interest expense in 2025 as a result of the Heartland acquisition and lower interest income earned on lower cash deposits and lower capitalized interest on growth projects.

    The following table outlines our expectations regarding key financial targets and related assumptions for 2025 and should be read in conjunction with the narrative discussion that follows and the Governance and Risk Management section of the MD&A for additional information:

    Measure 2025 Target 2024 Target 2024 Actual
    Adjusted EBITDA $1,150 to $1,250 million $1,150 to $1,300 million $1,253 million
    FCF $450 to $550 million $450 to $600 million $569 million
    FCF per share $1.51 to $1.85 $1.47 to $1.96 $1.88
    Annual dividend per share $0.26 annualized $0.24 annualized $0.24 annualized

    The Company’s outlook for 2025 may be impacted by a number of factors as detailed further below.

    Market 2025 Assumptions 2024 Assumptions 2024 Actual
    Alberta spot ($/MWh) $40 to $60 $75 to $95 $63
    Mid-Columbia spot (US$/MWh) US$50 to US$70 US$85 to US$95 US$76
    AECO gas price ($/GJ) $1.60 to $2.10 $2.50 to $3.00 $1.29

    Alberta spot price sensitivity: a +/- $1 per MWh change in spot price is expected to have a +/-$3 million impact on adjusted EBITDA for 2025.

    Other assumptions relevant to the 2025 outlook

      2025 Assumptions 2024 Assumptions 2024 Actual
    Energy Marketing gross margin $110 to $130 million $110 to $130 million $167 million
    Sustaining capital $145 to $165 million $130 to $150 million $142 million
    Current income tax expense $95 to $130 million $95 to $130 million $143 million
    Net interest expense $255 to $275 million $240 to $260 million $231 million
    Hedging assumptions Q1 2025 Q2 2025 Q3 2025 Q4 2025  2026
    Hedged production (GWh)  2,117  1,758  1,942  1,845  4,713
    Hedge price ($/MWh) $72 $70 $70 $70 $75
    Hedged gas volumes (GJ) 14 million 6 million 6 million 6 million 18 million
    Hedge gas prices ($/GJ) $2.98 $3.63 $3.77 $3.65 $3.67


    Conference call

    TransAlta will host a conference call and webcast at 9:00 a.m. MST (11:00 a.m. EST) today, Feb. 20, 2025, to discuss our fourth quarter and year end 2024 results. The call will begin with comments from John Kousinioris, President and Chief Executive Officer, and Joel Hunter, EVP Finance and Chief Financial Officer, followed by a question-and-answer period.

    Fourth Quarter and Full Year 2024 Conference Call

    Webcast link: https://edge.media-server.com/mmc/p/zd49obg6 

    To access the conference call via telephone, please register ahead of time using the call link here: https://register.vevent.com/register/BI5c12d9a2da0e4e06892f413e217f0350. Once registered, participants will have the option of 1) dialing into the call from their phone (via a personalized PIN); or 2) clicking the “Call Me” option to receive an automated call directly to their phone.

    Related materials will be available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/presentations-and-events/. If you are unable to participate in the call, the replay will be accessible at https://edge.media-server.com/mmc/p/zd49obg6. A transcript of the broadcast will be posted on TransAlta’s website once it becomes available.

    Notes

    (1)These items (adjusted EBITDA, FCF and annual average EBITDA) are not defined and have no standardized meaning under IFRS. Presenting these items from period to period provides management and investors with the ability to evaluate earnings (loss) trends more readily in comparison with prior periods’ results. Please refer to the Non-IFRS Measures section of this earnings release for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.
    (2)Funds from operations (FFO) per share and free cash flow (FCF) per share are calculated using the weighted average number of common shares outstanding during the period. Refer to the Additional IFRS Measures and Non-IFRS Measures section of the MD&A for the purpose of these non-‍IFRS ratios.

    Non-IFRS financial measures and other specified financial measures

    We use a number of financial measures to evaluate our performance and the performance of our business segments, including measures and ratios that are presented on a non-IFRS basis, as described below. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our consolidated financial statements prepared in accordance with IFRS. We believe that these non-IFRS amounts, measures and ratios, read together with our IFRS amounts, provide readers with a better understanding of how management assesses results.

    Non-IFRS amounts, measures and ratios do not have standardized meanings under IFRS. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, as an alternative to, or more meaningful than, our IFRS results.

    Adjusted EBITDA

    Each business segment assumes responsibility for its operating results measured by adjusted EBITDA. Adjusted EBITDA is an important metric for management that represents our core operational results. Interest, taxes, depreciation and amortization are not included, as differences in accounting treatments may distort our core business results. In addition, certain reclassifications and adjustments are made to better assess results, excluding those items that may not be reflective of ongoing business performance. This presentation may facilitate the readers’ analysis of trends.

    Average Annual EBITDA

    Average annual EBITDA is a forward-looking non-IFRS financial measure that is used to show the average annual EBITDA that the project is expected to generate.

    Funds From Operations (FFO)

    FFO is an important metric as it provides a proxy for cash generated from operating activities before changes in working capital and provides the ability to evaluate cash flow trends in comparison with results from prior periods. FFO is a non-IFRS measure. The most directly comparable IFRS measure is Cash Flow from Operations.

    Free Cash Flow (FCF)

    FCF is an important metric as it represents the amount of cash that is available to invest in growth initiatives, make scheduled principal repayments on debt, repay maturing debt, pay common share dividends or repurchase common shares. Changes in working capital are excluded so FFO and FCF are not distorted by changes that we consider temporary in nature, reflecting, among other things, the impact of seasonal factors and timing of receipts and payments. FCF is a non-IFRS measure. The most directly comparable IFRS measure is Cash Flow from Operations.

    Non-IFRS Ratios

    FFO per share, FCF per share and adjusted net debt to adjusted EBITDA are non-IFRS ratios that are presented in the MD&A. Refer to the Reconciliation of Cash Flow from Operations to FFO and FCF and Key Non-IFRS Financial Ratios sections of the MD&A for additional information.

    FFO per share and FCF per share

    FFO per share and FCF per share are calculated using the weighted average number of common shares outstanding during the period. FFO per share and FCF per share are non-IFRS ratios.

    Reconciliation of these non-IFRS financial measures to the most comparable IFRS measure are provided below.

    Reconciliation of Non-IFRS Measures on a Consolidated Basis

    The following table reflects adjusted EBITDA by segment and provides reconciliation to earnings before income taxes for the three months ended Dec. 31, 2024:

    Three months ended Dec. 31, 2024
    $ millions    		 Hydro   Wind & Solar(1)   Gas   Energy Transition   Energy
    Marketing    		 Corporate   Total   Equity accounted investments(1)   Reclass adjustments   IFRS financials  
    Revenues 93   104   319   155   14 —   685   (7 ) —   678  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market (gain) loss 4   23   26   (8 ) 19 —   64   —   (64 ) —  
    Realized gains (losses) on closed exchange positions —   —   (1 ) 2   1 —   2   —   (2 ) —  
    Decrease in finance lease receivable —   1   5   —   — —   6   —   (6 ) —  
    Finance lease income —   2   3   —   — —   5   —   (5 ) —  
    Revenues from Planned Divestitures —   —   (1 ) —   — —   (1 ) —   1   —  
    Brazeau penalties (20 ) —   —   —   — —   (20 ) —   20   —  
    Unrealized foreign exchange gain on commodity —   —   (1 ) —   — —   (1 ) —   1   —  
    Adjusted revenues 77   130   350   149   34 —   740   (7 ) (55 ) 678  
    Fuel and purchased power 3   8   136   102   — —   249   —   —   249  
    Reclassifications and adjustments:                  
    Fuel and purchased power related to Planned Divestitures —   —   (1 ) —   — —   (1 ) —   1   —  
    Australian interest income —   —   (1 ) —   — —   (1 ) —   1   —  
    Adjusted fuel and purchased power 3   8   134   102   — —   247   —   2   249  
    Carbon compliance —   —   39   —   — —   39   —   —   39  
    Gross margin 74   122   177   47   34 —   454   (7 ) (57 ) 390  
    OM&A 47   27   67   19   7 68   235   (1 ) —   234  
    Reclassifications and adjustments:                    
    Brazeau penalties (31 ) —   —   —   — —   (31 ) —   31   —  
    ERP integration costs —   —   —   —   — (14 ) (14 ) —   14   —  
    Acquisition-related transaction and restructuring costs —   —   —   —   — (16 ) (16 ) —   16   —  
    Adjusted OM&A 16   27   67   19   7 38   174   (1 ) 61   234  
    Taxes, other than income taxes 1   3   4   —   — —   8   1   —   9  
    Net other operating income —   (3 ) (10 ) (9 ) — —   (22 ) —   —   (22 )
    Reclassifications and adjustments:                    
    Sundance A decommissioning cost reimbursement —   —   —   9   — —   9   —   (9 ) —  
    Adjusted net other operating income —   (3 ) (10 ) —   — —   (13 ) —   (9 ) (22 )
    Adjusted EBITDA(2) 57   95   116   28   27 (38 ) 285        
    Equity income                   2  
    Finance lease income                   5  
    Depreciation and amortization                   (143 )
    Asset impairment charges                   (20 )
    Interest income                   11  
    Interest expense                   (92 )
    Foreign exchange gain                   17  
    Loss before income taxes                   (51 )

    (1)  The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    (2)  Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.

    The following table reflects adjusted EBITDA by segment and provides reconciliation to loss before income taxes for the three months ended Dec. 31, 2023:

    Three months ended Dec. 31, 2023
    $ millions    		 Hydro   Wind &
    Solar    (1)    		   Gas   Energy
    Transition    		 Energy
    Marketing    		   Corporate   Total   Equity
    accounted
    investments    (1)    		   Reclass
    adjustments    		   IFRS
    financials    		  
    Revenues 77   94   246   175 39   —   631   (7 ) —   624  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market (gain) loss (2 ) 20   53   7 (19 ) —   59   —   (59 ) —  
    Realized gain on closed exchange positions —   —   23   — 4   —   27   —   (27 ) —  
    Decrease in finance lease receivable —   —   15   — —   —   15   —   (15 ) —  
    Finance lease income —   —   2   — —   —   2   —   (2 ) —  
    Unrealized foreign exchange gain on commodity —   —   1   — —   —   1   —   (1 ) —  
    Adjusted revenues 75   114   340   182 24   —   735   (7 ) (104 ) 624  
    Fuel and purchased power 5   8   127   138 —   —   278   —   —   278  
    Reclassifications and adjustments:                  
    Australian interest income —   —   (1 ) — —   —   (1 ) —   1   —  
    Adjusted fuel and purchased power 5   8   126   138 —   —   277   —   1   278  
    Carbon compliance —   —   27   — —   —   27   —   —   27  
    Gross margin 70   106   187   44 24   —   431   (7 ) (105 ) 319  
    OM&A 13   25   56   18 10   29   151   (1 ) —   150  
    Taxes, other than income taxes 1   1   —   — —   1   3   —   —   3  
    Net other operating income —   (3 ) (10 ) — —   —   (13 ) —   —   (13 )
    Adjusted net other operating income —   (2 ) (10 ) — —   —   (12 ) —   (1 ) (13 )
    Adjusted EBITDA(2) 56   82   141   26 14   (30 ) 289        
    Equity income                   3  
    Finance lease income                   2  
    Depreciation and amortization                   (132 )
    Asset impairment charges                   (26 )
    Interest income                   12  
    Interest expense                   (66 )
    Foreign exchange loss                   (7 )
    Loss before income taxes                   (35 )

    (1)  The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    (2)  Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.

    The following table reflects adjusted EBITDA by segment and provides reconciliation to earnings before income taxes for the year ended Dec. 31, 2024:

    Year ended Dec. 31, 2024
    $ millions    		 Hydro Wind &
    Solar    (1)    		   Gas   Energy
    Transition    		   Energy
    Marketing    		   Corporate   Total   Equity
    accounted
    investments    (1)    		   Reclass
    adjustments    		   IFRS
    financials    		  
    Revenues 409   357   1,350   616   168   (34 ) 2,866   (21 ) —   2,845  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market (gain) loss 1   84   (60 ) (36 ) 14   —   3   —   (3 ) —  
    Realized gain (loss) on closed exchange positions —   —   7   2   (15 ) —   (6 ) —   6   —  
    Decrease in finance lease receivable —   2   19   —   —   —   21   —   (21 ) —  
    Finance lease income —   6   8   —   —   —   14   —   (14 ) —  
    Revenues from Planned Divestitures —   —   (1 ) —   —   —   (1 ) —   1   —  
    Brazeau penalty (20 ) —   —   —   —   —   (20 ) —   20   —  
    Unrealized foreign exchange loss on commodity —   —   (2 ) —   —   —   (2 ) —   2   —  
    Adjusted revenues 390   449   1,321   582   167   (34 ) 2,875   (21 ) (9 ) 2,845  
    Fuel and purchased power 16   30   475   418   —   —   939   —   —   939  
    Reclassifications and adjustments:                  
    Fuel and purchased power related to Planned Divestitures —   —   (1 ) —   —   —   (1 ) —   1   —  
    Australian interest income —   —   (4 ) —   —   —   (4 ) —   4   —  
    Adjusted fuel and purchased power 16   30   470   418   —   —   934   —   5   939  
    Carbon compliance —   —   145   1   —   (34 ) 112   —   —   112  
    Gross margin 374   419   706   163   167   —   1,829   (21 ) (14 ) 1,794  
    OM&A 86   97   198   69   36   173   659   (4 ) —   655  
    Reclassifications and adjustments:                    
    Brazeau penalty (31 ) —   —   —   —   —   (31 ) —   31   —  
    ERP implementation costs —   —   —   —   —   (14 ) (14 ) —   14   —  
    Acquisition-related transaction and restructuring costs —   —   —   —   —   (24 ) (24 )   24   —  
    Adjusted OM&A 55   97   198   69   36   135   590   (4 ) 69   655  
    Taxes, other than income taxes 3   16   13   3   —   1   36   —   —   36  
    Net other operating income —   (10 ) (40 ) (9 ) —   —   (59 ) —   —   (59 )
    Reclassifications and adjustments:                    
    Sundance A decommissioning cost reimbursement —   —   —   9   —   —   9   —   (9 ) —  
    Adjusted net other operating income —   (10 ) (40 ) —   —   —   (50 ) —   (9 ) (59 )
    Adjusted EBITDA(2) 316   316   535   91   131   (136 ) 1,253        
    Equity income                   5  
    Finance lease income                   14  
    Depreciation and amortization                   (531 )
    Asset impairment charges                   (46 )
    Interest income                   30  
    Interest expense                   (324 )
    Foreign exchange gain                   5  
    Gain on sale of assets and other                   4  
    Earnings before income taxes                   319  

    (1)  The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    (2)  Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.

    The following table reflects adjusted EBITDA by segment and provides reconciliation to earnings before income taxes for the year ended Dec. 31, 2023:

    Year ended Dec. 31, 2023
    $ millions    		 Hydro   Wind &
    Solar    (1)    		   Gas   Energy
    Transition    		   Energy
    Marketing    		   Corporate   Total   Equity
    accounted
    investments    (1)    		   Reclass
    adjustments    		   IFRS
    financials    		  
    Revenues 533   357   1,514   751   220   1   3,376   (21 ) —   3,355  
    Reclassifications and adjustments:                  
    Unrealized mark-to-market loss (4 ) 16   (67 ) (5 ) 23   —   (37 ) —   37   —  
    Realized gain (loss) on closed exchange positions —   —   10   —   (91 ) —   (81 ) —   81   —  
    Decrease in finance lease receivable —   —   55   —   —   —   55   —   (55 ) —  
    Finance lease income —   —   12   —   —   —   12   —   (12 ) —  
    Unrealized foreign exchange gain on commodity —   —   1   —   —   —   1   —   (1 ) —  
    Adjusted revenues 529   373   1,525   746   152   1   3,326   (21 ) 50   3,355  
    Fuel and purchased power 19   30   453   557   —   1   1,060   —   —   1,060  
    Reclassifications and adjustments:                  
    Australian interest income —   —   (4 ) —   —   —   (4 ) —   4   —  
    Adjusted fuel and purchased power 19   30   449   557   —   1   1,056   —   4   1,060  
    Carbon compliance —   —   112   —   —   —   112   —   —   112  
    Gross margin 510   343   964   189   152   —   2,158   (21 ) 46   2,183  
    OM&A 48   80   192   64   43   115   542   (3 ) —   539  
    Taxes, other than income taxes 3   12   11   3   —   1   30   (1 ) —   29  
    Net other operating income —   (7 ) (40 ) —   —   —   (47 )   —   (47 )
    Reclassifications and adjustments:                  
    Insurance recovery —   1   —   —   —   —   1   —   (1 ) —  
    Adjusted net other operating income —   (6 ) (40 ) —   —   —   (46 ) —   (1 ) (47 )
    Adjusted EBITDA(2) 459   257   801   122   109   (116 ) 1,632        
    Equity income                   4  
    Finance lease income                   12  
    Depreciation and amortization                   (621 )
    Asset impairment reversals                   48  
    Interest income                   59  
    Interest expense                   (281 )
    Foreign exchange gain                   (7 )
    Gain on sale of assets and other                   4  
    Earnings before income taxes                   880  

    (1)  The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
    (2)  Adjusted EBITDA is not defined and has no standardized meaning under IFRS. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release and may not be comparable to similar measures presented by other issuers.


    Reconciliation of cash flow from operations to FFO and FCF

    The table below reconciles our cash flow from operating activities to our FFO and FCF:

      Three Months Ended Year Ended
    $ millions, unless otherwise stated Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Cash flow from operating activities(1) 215   310   796   1,464  
    Change in non-cash operating working capital balances (97 ) (135 ) (38 ) (124 )
    Cash flow from operations before changes in working capital 118   175   758   1,340  
    Adjustments        
    Share of adjusted FFO from joint venture(1) 4   3   8   8  
    Decrease in finance lease receivable 6   15   21   55  
    Clean energy transition provisions and adjustments(2) —   4   —   11  
    Sundance A decommissioning cost reimbursement (9 ) —   (9 ) —  
    Realized gain (loss) on closed exchanged positions 2   27   (6 ) (81 )
    Acquisition-related transaction and restructuring costs 11   —   19   —  
    Other(3) 5   5   19   18  
    FFO(4) 137   229   810   1,351  
    Deduct:        
    Sustaining capital(1) (67 ) (74 ) (142 ) (174 )
    Productivity capital (1 ) (1 ) (1 ) (3 )
    Dividends paid on preferred shares (13 ) (12 ) (52 ) (51 )
    Distributions paid to subsidiaries’ non-controlling interests (6 ) (19 ) (40 ) (223 )
    Principal payments on lease liabilities (3 ) (2 ) (6 ) (10 )
    Other 1   —   —   —  
    FCF(4) 48   121   569   890  
    Weighted average number of common shares outstanding in the period 298   308   302   276  
    FFO per share(4) 0.46   0.74   2.68   4.89  
    FCF per share(4) 0.16   0.39   1.88   3.22  

    (1)  Includes our share of amounts for the Skookumchuck wind facility, an equity-accounted joint venture.
    (2)  2023 includes amounts related to onerous contracts recognized in 2021 and a voluntary contribution to the US Defined Benefit Pension Plan for the Centralia thermal facility.
    (3)  Other consists of production tax credits, which is a reduction to tax equity debt, less distributions from an equity-accounted joint venture.
    (4)  These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Non-IFRS Measures section in this earnings release .

    The table below provides a reconciliation of our adjusted EBITDA to our FFO and FCF:

      Three Months Ended Year Ended
    $ millions, unless otherwise stated Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Adjusted EBITDA(1)(4) 285   289   1,253   1,632  
    Provisions 2   (1 ) 10   (1 )
    Net interest expense(2) (64 ) (41 ) (231 ) (164 )
    Current income tax recovery (expense) (20 ) 5   (143 ) (50 )
    Realized foreign exchange gain (loss) (20 ) 9   (27 ) (4 )
    Decommissioning and restoration costs settled (12 ) (15 ) (41 ) (37 )
    Other non-cash items (34 ) (17 ) (11 ) (25 )
    FFO(3)(4) 137   229   810   1,351  
    Deduct:        
    Sustaining capital(4) (67 ) (74 ) (142 ) (174 )
    Productivity capital (1 ) (1 ) (1 ) (3 )
    Dividends paid on preferred shares (13 ) (12 ) (52 ) (51 )
    Distributions paid to subsidiaries’ non-controlling interests (6 ) (19 ) (40 ) (223 )
    Principal payments on lease liabilities (3 ) (2 ) (6 ) (10 )
    Other 1   —   —   —  
    FCF(4) 48   121   569   890  

    (1)  Adjusted EBITDA is defined in the Additional IFRS Measures and Non-IFRS Measures of this earnings release and reconciled to earnings (loss) before income taxes above.
    (2) Net interest expense includes interest expense less interest income and excludes non-cash items like financing amortization and accretion.
    (3)  These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. FFO and FCF are defined in the Non-IFRS financial measures and other specified financial measures section of in this earnings release and reconciled to cash flow from operating activities above.
    (4)  Includes our share of amounts for Skookumchuck wind facility, an equity-accounted joint venture.

    TransAlta is in the process of filing its Annual Information Form, Audited Consolidated Financial Statements and accompanying notes, as well as the associated Management’s Discussion & Analysis (MD&A). These documents will be available today on the Investors section of TransAlta’s website at www.transalta.com or through SEDAR at www.sedarplus.ca.

    TransAlta will also be filing its Form 40-F with the US Securities and Exchange Commission. The form will be available through their website at www.sec.gov. Paper copies of all documents are available to shareholders free of charge upon request.

    About TransAlta Corporation:

    TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Western Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with clean, affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 112 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.

    For more information about TransAlta, visit our web site at transalta.com.

    Cautionary Statement Regarding Forward-Looking Information

    This news release includes “forward-looking information,” within the meaning of applicable Canadian securities laws, and “forward-looking statements,” within the meaning of applicable United States securities laws, including the Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements”). Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “can”, “could”, “would”, “shall”, “believe”, “expect”, “estimate”, “anticipate”, “intend”, “plan”, “forecast”, “foresee”, “potential”, “enable”, “continue” or other comparable terminology. These statements are not guarantees of our future performance, events or results and are subject to risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from those set out in or implied by the forward-looking statements. In particular, this news release contains forward-looking statements about the following, among other things: the strategic objectives of the Company and that the execution of the Company’s strategy will realize value for shareholders; our capital allocation and financing strategy; our sustainability goals and targets, including those in our 2024 Sustainability Report; our 2025 Outlook; our financial and operational performance, including our hedge position; optimizing and diversifying our existing assets; the increasingly contracted nature of our fleet; expectations about strategies for growth and expansion, including opportunities for Centralia redevelopment, and data centre opportunities; expected costs and schedules for planned projects; expected regulatory processes and outcomes, including in relation to the Alberta restructured energy market; the power generation industry and the supply and demand of electricity; the cyclicality of our business; expected outcomes with respect to legal proceedings; the expected impact of future tax and accounting changes; and expected industry, market and economic conditions.

    The forward-looking statements contained in this news release are based on many assumptions including, but not limited to, the following: no significant changes to applicable laws and regulations; no unexpected delays in obtaining required regulatory approvals; no material adverse impacts to investment and credit markets; no significant changes to power price and hedging assumptions; no significant changes to gas commodity price assumptions and transport costs; no significant changes to interest rates; no significant changes to the demand and growth of renewables generation; no significant changes to the integrity and reliability of our facilities; no significant changes to the Company’s debt and credit ratings; no unforeseen changes to economic and market conditions; and no significant event occurring outside the ordinary course of business.

    These assumptions are based on information currently available to TransAlta, including information obtained from third-party sources. Actual results may differ materially from those predicted. Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this news release include, but are not limited to: fluctuations in power prices; changes in supply and demand for electricity; our ability to contract our electricity generation for prices that will provide expected returns; our ability to replace contracts as they expire; risks associated with development projects and acquisitions; any difficulty raising needed capital in the future on reasonable terms or at all; our ability to achieve our targets relating to ESG; long-term commitments on gas transportation capacity that may not be fully utilized over time; changes to the legislative, regulatory and political environments; environmental requirements and changes in, or liabilities under, these requirements; operational risks involving our facilities, including unplanned outages and equipment failure; disruptions in the transmission and distribution of electricity; reductions in production; impairments and/or writedowns of assets; adverse impacts on our information technology systems and our internal control systems, including increased cybersecurity threats; commodity risk management and energy trading risks; reduced labour availability and ability to continue to staff our operations and facilities; disruptions to our supply chains; climate-change related risks; reductions to our generating units’ relative efficiency or capacity factors; general economic risks, including deterioration of equity and debt markets, increasing interest rates or rising inflation; general domestic and international economic and political developments, including potential trade tariffs; industry risk and competition; counterparty credit risk; inadequacy or unavailability of insurance coverage; increases in the Company’s income taxes and any risk of reassessments; legal, regulatory and contractual disputes and proceedings involving the Company; reliance on key personnel; and labour relations matters.

    The foregoing risk factors, among others, are described in further detail under the heading “Governance and Risk Management” in the MD&A, which section is incorporated by reference herein.

    Readers are urged to consider these factors carefully when evaluating the forward-looking statements and are cautioned not to place undue reliance on them. The forward-looking statements included in this news release are made only as of the date hereof and we do not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws. The purpose of the financial outlooks contained herein is to give the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes.

    Note: All financial figures are in Canadian dollars unless otherwise indicated.

    For more information:

    Investor Inquiries: Media Inquiries:
    Phone: 1-800-387-3598 in Canada and US Phone: 1-855-255-9184
    Email: investor_relations@transalta.com Email: ta_media_relations@transalta.com

    The MIL Network –

  • MIL-OSI Russia: Window into the Cretaceous Period

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    As part of Darwin Week at Novosibirsk State University, Associate Professor of the Department of Historical Geology and Paleontology Faculty of Geology and Geophysics of NSU, PhD Igor Kosenko spoke about the Jehol biota, a unique ecosystem of the Cretaceous period discovered in China at the end of the last century, and how this discovery changed scientists’ understanding of dinosaurs and their contemporaries.

    — Over the past century and a half, our views on dinosaurs have changed significantly more than once. At first, they were imagined as huge, clumsy reptiles; by the middle of the 20th century, thanks to new finds, it became clear that many of them walked on two legs. By the end of the last century, the majority of dinosaurs appeared to us as small, nimble predators that hunted large herbivorous dinosaurs in packs. And the latest discoveries have shown us that some dinosaurs were not just small, warm-blooded predators, but also covered in feathers, — said Igor Kosenko.

    The latest findings were made possible by discoveries related to the Jehol biota, an ecosystem of the Lower Cretaceous (between 133 and 120 million years ago) that left fossils in the Yixian Formation and Jiufotang Formation in northeastern China.

    — One of the most important properties of the Jehol biota was the fantastic preservation of the objects that make it up. And this allowed paleontologists to learn much better what the world was like 120 million years ago, — Igor Kosenko emphasized.

    Typical representatives of this ecosystem are the Lycoptera fish, the Eosestheria conchostracans (freshwater bivalve crustaceans) and the Ephemeropsis mayfly larvae. But much more interesting were the fossils, which had completely atypical (for paleontology at the end of the last century) details.

    The most fantastic find is probably the feathered dinosaur – Sinosauropteryx. In the same rocks, imprints of pterosaurs with hair-like structures were found. It turns out that these creatures were covered with fur. Another unique find is the imprints of feathered dinosaurs microraptors. In combination, these finds indicate that some kind of covering (hair or feathers) was typical of at least a number of dinosaurs. It is not for nothing that many scientists claim that they were closer to birds than to lizards.

    Thanks to the amazing preservation of fossils, scientists were able to learn much more not only about the appearance, but also the habits of dinosaurs. The discovery of skeletons of a dinosaur and a mammal fighting with each other confirmed that serious competition had already begun between these types of animals at this time. The location of other skeletons showed that in some dinosaur species, adults could guard flocks of cubs, and, judging by the number of such groups, these “caregivers” were grazing not only their own offspring, and this already speaks of a rather complex group hierarchy.

    Dinosaurs are not the only finds of paleontologists. In particular, the Jehol biota includes finds of some of the first angiosperms, which today are one of the most numerous groups of higher plants. But this is now, and initially the planet was dominated by gymnosperms – conifers and ferns. Fossils found in China made it possible to more accurately determine the boundaries of the beginning of the era of angiosperms, which then quickly took the leading positions. And their very first representatives grew in water bodies and were somewhat akin to water lilies.

    Recorded fossil finds belonging to the Jehol biota are not limited to the territory of modern China. The northernmost of them were discovered in Transbaikalia.

    — There is a famous joke about Russia being the homeland of elephants. With elephants, of course, this is debatable. But the most ancient fossils of this ecosystem were recorded here, and the first finds were also made not in China, but here, by the Russian scientist Middendorf before the revolution. He was the first to describe the location of the fossil fauna “Turga”, which is now also known as the “Middendorf outcrop”. Excavations there continue and regularly bring a variety of interesting finds, — Igor Kosenko emphasized.

    Thus, in the Kulinda valley in the Transbaikal region, the remains of another feathered dinosaur were found, called “Kulindadromeus zabaikalicus”. Despite its feathers, it could not fly, and is considered the most ancient non-avian feathered dinosaur to date.

    Scientists from the A.A. Trofimuk Institute of Petroleum Geology and Geophysics of the Siberian Branch of the Russian Academy of Sciences managed to clarify the age of the Turginskaya suite in the Middendorf outcrop, which had previously been the subject of debate in the scientific world. Fossil pollen of flowering plants was found in the samples, which made it possible to date them with a high degree of accuracy. According to their estimates, the age of the fossils may be about 125 million years, which made it possible to speak of these finds as the most ancient part of the biota.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI USA: Congressman Krishnamoorthi And Colleagues Demand Answers on Trump Administration’s Massive Cuts To National Institutes of Health Research

    Source: United States House of Representatives – Congressman Raja Krishnamoorthi (8th District of Illinois)

    WASHINGTON – Last week, Congressman joined a majority of his colleagues in the House Democratic Caucus in a letter to Acting Director of the National Institutes of Health (NIH) that expresses alarm at the illegal decision by President Trump to reduce the reimbursement rate for indirect research costs to 15 percent across the board.

    “The dramatically lower indirect cost rate cap will have far-reaching consequences for institutions and researchers nationwide, reducing their capacity to conduct cutting-edge research,” said the lawmakers. “Slashing this funding means cutting financial support for the construction and maintenance of laboratories and high-tech facilities; energy and utility expenses; and the essential safety, security, and other support services researchers need to perform their work. Indirect costs make research possible. Without fair reimbursement for indirect costs, research institutions may be forced to close laboratories, lay off staff, stop clinical trials, and pause research programs. This will force Americans to go without lifesaving and life-extending treatments.”

    Read the full letter HERE

    BACKGROUND

    On February 7, 2025, the Trump administration announced a new policy that would slash the NIH reimbursement rate for indirect research costs to 15 percent. This illegal move would have far-reaching consequences for institutions and researchers nationwide, cutting off financial support for the construction and maintenance of laboratories and high-tech facilities; energy and utility expenses; and the essential safety, security, and other support services researchers need to perform their work. Simply put, indirect costs make research possible. 

    Without fair reimbursement for indirect costs, research institutions may be forced to close laboratories, lay off staff, stop clinical trials, pause research programs, and redirect resources from critical areas like financial aid. This will force Americans to go without lifesaving and life-extending treatments.

    On February 10, 2025, a federal judge in Boston issued a nationwide temporary restraining order on the effort in response to a federal lawsuit filed by hospitals and medicals schools affected by the substantial loss in potential research funds.

    Funding for NIH research enjoys support from both sides of the aisle. On May 1, 2024, a bipartisan group of nearly 200 lawmakers called for $51.3 billion in fiscal year 2025 funding for NIH. 

    READ THE FULL TEXT OF THE LETTER

     

    Dear Acting Director Memoli:

    The United States is a global leader in biomedical research and innovation due to National Institutes of Health (NIH) funding. That is why we are alarmed by NIH’s illegal decision to slash the reimbursement rate for indirect research costs to 15 percent across the board.[1]  
    Because of the NIH, grantee institutions, and a vibrant life sciences sector, the United States has made significant strides in medicine, improving and saving lives with each breakthrough. From 1991 to 2022, the cancer mortality rate in the United States decreased by 34 percent.[2] Annual HIV infections fell by two-thirds from the height of the HIV epidemic, and 65 percent of individuals diagnosed with HIV in 2022 achieved viral suppression.[3] The life expectancy of someone born with cystic fibrosis today is multiple decades longer than it was 30 years ago.[4]  Each of these achievements was driven by research conducted at or funded by NIH.
    The dramatically lower indirect cost rate cap will have far-reaching consequences for institutions and researchers nationwide, reducing their capacity to conduct cutting-edge research. Slashing this funding means cutting financial support for the construction and maintenance of laboratories and high-tech facilities; energy and utility expenses; and the essential safety, security, and other support services researchers need to perform their work. Indirect costs make research possible. Without fair reimbursement for indirect costs, research institutions may be forced to close laboratories, lay off staff, stop clinical trials, and pause research programs. This will force Americans to go without lifesaving and life-extending treatments. 
    The supplemental guidance for this misguided and detrimental announcement states that the “United States should have the best medical research in the world.[5]” Cutting vital funding for indirect costs accomplishes the exact opposite. Instead of supporting efforts to cure disease, this policy will severely compromise the United States’ ability to conduct lifesaving research. 
    A recent Washington Post article described how a researcher who studies how cells communicate faced a setback when the lab’s “cold room” broke down. This cold room is essential for conducting experiments critical to advancing our understanding of colon cancer and developing potential cures. The expenses associated with maintaining cold rooms represent the kind of funding that would be slashed under NIH’s policy, compromising the infrastructure that allows researchers to carry out their vital work.
    Research universities generate significant economic activity in communities throughout the country. In 2024, the NIH supported work at over 2,500 institutions in all 50 states, as well as in U.S. Territories and Commonwealths.[6] In Fiscal Year 2023, each dollar of NIH funding generated $2.46 in economic activity.[7] The economic pain caused by slashing NIH research funding will not be contained to university campuses. It will reverberate into communities throughout the country, hurting hardworking families already struggling to keep up with rising costs. 
    The Further Consolidated Appropriations Act, 2024 was passed by Congress on a bipartisan basis and contains a provision to prevent NIH from unilaterally making changes to how the agency pays for indirect costs. We are encouraged that a federal judge has issued a temporary order halting this controversial decision. However, the uncertainty and disruption caused by these irrational decisions highlight the need for the NIH to immediately rescind this guidance on indirect costs and refrain from taking unilateral action on payment for indirect costs in the future. With this in mind, we request answers to the following questions:

    1. What measures has the NIH taken to thoroughly assess the impact of capping indirect cost payments? 

    2. Were alternative solutions considered that would allow for budgetary savings without compromising research institutions’ ability to conduct research?

    3. How does the NIH plan to address concerns from research institutions about potential layoffs and halted studies caused by the new indirect cost rate?

    4. How will significantly reducing funds available to maintain critical laboratory infrastructure impact the overall quality and progress of biomedical research and innovation in the United States?

    Thank you for your prompt attention to this important matter.  We ask that you provide responses to these questions no later than February 28, 2025. 

     

    The letter was also signed by Representatives Gabe Amo (RI-01), Diana DeGette (CO-01), Linda Sánchez (CA-38), Lizzie Fletcher (TX-07), Chrissy Houlahan (PA-06), Alma Adams (NC-12), Becca Balint (VT-AL), Nanette Diaz Barragán (CA-44), Joyce Beatty (OH-03), Wesley Bell (MO-01), Ami Bera (CA-06), Donald Beyer (VA-08), Sanford Bishop (GA-02), Suzanne Bonamici (OR-01), Brendan Boyle (PA-02), Julia Brownley (CA-26), Shontel Brown (OH-11), Nikki Budzinski (IL-13), Salud Carbajal (CA-24), André Carson (IN-07), Troy Carter (LA-05), Ed Case (HI-01), Sean Casten (IL-06), Kathy Castor (FL-14), Joaquin Castro (TX-20), Sheila Cherfilus-McCormick (FL-20), Judy Chu (CA-28), Yvette Clarke (NY-09), Emanuel Cleaver (MO-05), Steve Cohen (TN-09), Herbert Conaway (NJ-03), Lou Correa (CA-46), Angie Craig (MN-02), Jasmine Crockett (TX-30), Jason Crow (CO-06), Danny K. Davis (IL-07), Suzan DelBene (WA-01), Christopher Deluzio (PA-17), Mark DeSaulnier (CA-10), Maxine Dexter (OR-03), Debbie Dingell (MI-06), Lloyd Doggett (TX-37), Sarah Elfreth (MD-03), Veronica Escobar (TX-16), Adriano Espaillat (NY-13), Dwight Evans (PA-03), Shomari Figures (AL-02), Bill Foster (IL-11), Valerie Foushee (NC-04), Laura Friedman (CA-30), John Garamendi (CA-08), Jesús G. “Chuy” García (IL-04), Robert Garcia (CA-42), Jimmy Gomez (CA-34), Vicente Gonzalez (TX-23), Maggie Goodlander (NH-02), Josh Gottheimer (NJ-05), Al Green (TX-09), Raul Grijalva (AZ-07), Jahana Hayes (CT-05), Pablo Hernández (PR), James A. Himes (CT-04), Val Hoyle (OR-04), Glenn Ivey (MD-04) Jonathan Jackson (IL-01), Sara Jacobs (CA-51), Pramila Jayapal (WA-07), Henry C. “Hank” Johnson Jr. (GA-04), Sydney Kamlager-Dove (CA-37), Marcy Kaptur (OH-09),William R. Keating (MA-09), Robin L. Kelly (IL-02), Ro Khanna (CA-17), , Greg Landsman (OH-01), John Larson (CT-01), George Latimer (NY-16), Summer Lee (PA-12), Teresa Leger Fernandez (NM-03), Ted Lieu (CA-36), Stephen F. Lynch (MA-08), Seth Magaziner (RI-02), Lucy McBath (GA-06), Sarah McBride (DL-AL), Jennifer L. McClellan (VA-04), Betty McCollum (MN-04), Kristen McDonald Rivet (MI-08), Morgan McGarvey (KY-03), James McGovern (MA-02), LaMonica McIver (NJ-10), Gregory Meeks (NY-05), Robert Menendez (NJ-08), Grace Meng (NY-06), Kweisi Mfume (MD-07), Dave Min (CA-47), Gwen Moore (WI-04), Seth Moulton (MA-06), Frank Mrvan (IN-01), Kevin Mullin (CA-15), Jerrold Nadler (NY-12), Eleanor Holmes Norton (DC), Alexandria Ocasio-Cortez (NY-14), Johnny Olszewski (MD-02), Jimmy Panetta (CA-19), Chris Pappas (NH-01), Brittany Pettersen (CA-07), Chellie Pingree (ME-01), Mark Pocan (WI-02), Nellie Pou (NJ-09), Ayanna Pressley (MA-07), Mike Quigley (IL-05), Delia Ramirez (IL-03), Jamie Raskin (MD-08), Josh Riley (NY-19), Luz M. Rivas (CA-29), Deborah Ross (NC-02), Raul Ruiz (CA-25), Andrea Salinas (OR-06), Mary Gay Scanlon (PA-05), Janice D. Schakowsky (IL-IL-09), Bradley Schneider (IL-10), Hillary J. Scholten (MI-03), Kim Schrier (WA-08), David Scott (GA-13), Robert C. “Bobby” Scott (VA-03), Terri A, Sewell (AL-07), Brad Sherman (CA-32), Mikie Sherrill (NJ-11), Lateefah Simon (CA-12), Eric Sorensen (IL-17), Darren Soto (FL-09), Melanie A. Stansbury (NM-01), Greg Stanton (AZ-04), Haley Stevens (MI-11), Suhas Subramanyam (VA-10), Emilia Sykes (OH-13), Mark Takano (CA-39), Shri Thanedar (MI-13), Bennie Thompson (MS-02), Mike Thompson (CA-04), Dina Titus (NV-01), Jill N. Tokuda (HI-02), Paul Tonko (NY-20), Ritchie Torres (NY-15), Lori Trahan (MA-03), Sylvester Turner (TX-18), Lauren Underwood (IL-14), Gabe Vasquez (NM-02), Marc Veasey (TX-33), Nydia Velázquez (NY-07), Eugene Vindman (VA-07), Debbie Wasserman Schultz (FL-25), and Bonnie Watson Coleman (NJ-12).

    MIL OSI USA News –

  • MIL-OSI USA: Amodei Reintroduces the PROTECT Act

    Source: United States House of Representatives – Congressman Mark Amodei (NV-02)

    Washington, D.C. – Representatives Mark Amodei (NV-02) and Susie Lee (NV-03) reintroduced H.R. 1400, the Presumption for Radiation or Toxin Exposure Coverage for Troops Act (PROTECT Act). 

    This legislation would ensure comprehensive medical care to veterans exposed to radiation and other toxins at the Nevada Test and Training Range (NTTR) by establishing a presumption of exposure to radiation and toxins at NTTR between the years of 1972 and 2005.

    “Veterans, who made such selfless sacrifices for our nation, should not have to move mountains to prove they are suffering as a result of their service,” said Rep. Mark Amodei. “Yet, hundreds of veterans who were stationed at the NTTR during that time frame have been denied the benefits they rightfully earned because exposure to toxic chemicals is microscopic, often referred to as the invisible enemy. I will continue to amplify the indisputable access to care our veterans deserve throughout their post-service lives.”

    “Our men and women in uniform make countless sacrifices to keep our nation safe, so it’s our duty to ensure that we take care of them and protect them from invisible enemies like toxic radiation exposure,” said Congresswoman Susie Lee. “I helped pass the bipartisan PACT Act to do just that, and I’m continuing that work to get these veterans the long overdue care they deserve. This legislation will help save lives and bring justice to thousands of veterans who proudly served in Nevada.”

    I am very excited to see this next step in The Invisible Enemy’s fight to bring the benefits to an amazing group of veterans and DoD employees and contractors,” said Dave Crete, Chairman of The Invisible Enemy Non-profit. “We are grateful for Congressman Amodei’s willingness to be our champion in Congress to right a wrong that has been ignored far too long.”

    Read the bill text here.

    MIL OSI USA News –

  • MIL-OSI USA: Pallone Warns of Devastating Health Care Cuts in Republicans’ Scheme to Fund Billionaire Tax Breaks

    Source: United States House of Representatives – Congressman Frank Pallone (6th District of New Jersey)

    Energy & Commerce Committee’s Top Democrat Visits Central Jersey Medical Center, Highlights Risks to Medicaid Patients and Community Health Centers

    PERTH AMBOY, NJ – Congressman Frank Pallone, Jr. (NJ-06), the Ranking Member of the House Energy and Commerce Committee, visited Central Jersey Medical Center today to sound the alarm on President Trump’s and House Republicans’ plan to slash Medicaid funding—jeopardizing the health care of 1.7 million New Jerseyans and Community Health Centers (CHCs), hospitals, and nursing homes across New Jersey in order to bankroll massive tax cuts for billionaires and big corporations.

    “I saw up close today how Central Jersey Medical Center provides essential care—whether it’s preventive services, dental care, or managing chronic conditions—and I know what’s at stake if these cuts go through,” Pallone said. “House Republicans want to gut Medicaid to hand billionaires and corporations another tax break, and the consequences will be devastating. This isn’t about ‘fiscal responsibility’—it’s about ripping health care away from seniors in nursing homes, children, and people with disabilities. Slashing Medicaid would shut down health centers like this one, gut hospitals, and overwhelm emergency rooms. It’s immoral, and I’ll fight it every step of the way. New Jerseyans deserve better—I won’t let them rip away your health care just so Elon Musk can buy another rocket.”

    Last week, the House Budget Committee approved a budget resolution including at least $880 billion in Medicaid cuts over the next ten years.  These cuts would gut health care coverage for millions while handing giveaways to the ultra-rich. They would also cripple facilities like Central Jersey Medical Center, which provides essential primary, dental, and preventive care to thousands of working-class and low-income people in Perth Amboy and surrounding communities.  

    House Republicans are hoping to bring the budget resolution up for a vote of the full House as early as next week.  

    What’s at Stake for New Jersey?

    New Jersey’s 24 Community Health Centers provide care at 136 locations statewide, ensuring that nearly two million residents—including Medicaid patients, the uninsured, and underserved communities—have access to doctors, nurses, and preventive care. Medicaid currently covers 1.7 million New Jerseyans, including children, pregnant women, seniors in long-term care, and individuals with disabilities.

    Republicans’ proposed Medicaid cuts would destabilize New Jersey’s health care system, pushing more patients into already-strained emergency rooms, increasing uncompensated care costs, and driving up insurance premiums for everyone. Republican proposals, such as so-called “per capita caps” would shift costs onto states – forcing New Jersey to slash services, limit eligibility, and cut provider payments.    

    The drastic cuts to CHC funding would threaten the viability of health centers like Central Jersey Medical Center, which could be forced to close or severely limit services.  

    Pallone’s visit to Central Jersey Medical Center was attended by doctors, patients, and local leaders, all of whom echoed Pallone’s concerns about the devastating impact of the new Republicans’ tax scheme.

    “The Arc of New Jersey is grateful for Congressman Pallone’s unwavering commitment to protecting the Medicaid program. And that is exactly what we need from all members of Congress. Medicaid is the lifeline program for thousands of individuals with intellectual and developmental disabilities (IDD) living in New Jersey. Any cuts to funding or changes to benefits will absolutely mean a reduction in services, longer wait times for support and a diminished quality of life for those with IDD. We cannot allow a dismantling of Medicaid as it will have a devastating and crushing impact on the state’s most vulnerable,” Sharon Levine, Senior Director, The Arc of NJ 

    “Advocates for Children of New Jersey has been a longtime advocate for NJ FamilyCare, which now covers nearly 20% of all residents living in the Garden State. This includes more than 820,000 children, ages from birth to 18-years-old and covers about a third of all births annually. Children from poor and low-income families, youth aging out of foster care, and individuals with complex and long-term medical needs rely on this critical health insurance. Any cuts or changes to federal Medicaid funding will have a substantial impact on their health and well-being,” Mary Coogan, President and CEO, Advocates for Children of NJ 

    “CJMC delivers evidence-based, high-quality care to all New Jersey residents, regardless of their insurance status or their ability to pay. By providing high quality primary care and behavioral health services, CJMC will improve health outcomes and reduced healthcare costs,” Dr. Cynthia Vuittonet.

    “Too many New Jerseyans are already struggling to pay for groceries, housing, and medical bills,” said Maura Collinsgru, Director of Policy and Advocacy for New Jersey Citizen Action. “Gutting Medicaid funding will cut essential health services for millions, including pregnant women, people with disabilities, low-income families with children, and seniors in nursing homes. It’s inhumane to consider making these cuts so that billionaires and huge corporations can get another tax break. We urge all our Representatives to stand with Congressman Pallone against any efforts to defund Medicaid.”

    Pallone’s Role in Defending Health Care

    As Ranking Member of the House Energy and Commerce Committee, which oversees Medicaid and CHC funding, Pallone is a critical last line of defense against Republican attacks on health care access. He has led efforts to protect Medicaid funding, defend Americans’ health care coverage, and expand support for Community Health Centers.

    The House Energy and Commerce Committee is expected to soon take up elements of the Republican reconciliation plan, including deep Medicaid cuts. Pallone has vowed to lead the fight against these attacks.  He is committed to protecting the 70 million Americans on Medicaid and ensuring that Community Health Centers and hospitals are not sacrificed for tax breaks for Trump’s billionaire friends.

    MIL OSI USA News –

  • MIL-OSI USA: Reps. Lee, Amodei Introduce Bipartisan Legislation to Expand Health Care for NV Veterans’ Exposed to Radiation and Toxins

    Source: United States House of Representatives – Congresswoman Susie Lee (NV-03)

    WASHINGTON – Congresswoman Susie Lee (NV-03) and Republican Congressman Mark Amodei (NV-04) introduced bipartisan legislation expanding access to health care for Nevada veterans who have suffered from exposure to radiation and toxic materials as a result of nuclear testing in Nevada. The Presumption for Radiation or Toxin Exposure Coverage for Troops (PROTECT) Act would establish a presumption that certain veterans were exposed to radiation and other toxins at the Nevada Test and Training Range (NTTR). 

    In 2000, Congress passed the Energy Employee Occupational Illness Compensation Act (EEOICPA) which entitled nuclear weapons workers as well as some Department of Energy personnel to receive free medical treatment and fair financial compensation for specific illnesses they contracted as a result of nuclear weapons production and testing. However, it did not cover veterans not involved in DOE operations or that were otherwise omitted for national security reasons. This bipartisan legislation would expand similar VA benefits to veterans that were assigned to impacted areas of NTTR, offering them the potentially life-saving medical treatment and financial compensation they need and deserve. 

    “Our men and women in uniform make countless sacrifices to keep our nation safe, so it’s our duty to protect them from invisible enemies like toxic radiation exposure,” said Congresswoman Susie Lee. “I helped pass the bipartisan PACT Act to do just that, and I’m continuing that work to get these veterans the long overdue care they deserve. This legislation will help save lives and bring justice to thousands of veterans who proudly served our country.” 

    “Veterans, who made such selfless sacrifices for our nation, should not have to move mountains to prove they are suffering as a result of their service,” said Rep. Mark Amodei. “Yet, hundreds of veterans who were stationed at the NTTR during that time frame have been denied the benefits they rightfully earned because exposure to toxic chemicals is microscopic, often referred to as the invisible enemy. I will continue to amplify the indisputable access to care our veterans deserve throughout their post-service lives.” 

    The legislation is endorsed by The Invisible Enemy, a veterans-rights organization composed of veterans and downwinders fighting for the thousands of military personnel who suffered or died from exposure to toxic radiation and materials from decades of nuclear weapons testing at NTTR. You can read more about their work here. 

     

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Harris Sends Letter To Constituents On The High Costs Of Energy In Maryland

    Source: United States House of Representatives – Congressman Andy Harris (MD-01)

    Washington, D.C. – Congressman Harris, M.D. sent the following letter to his constituents in response to numerous concerns about the rising costs of energy in Maryland. 

    The letter can be read below: 

    Dear Friend, 

    For the last four years, the Biden-Harris administration implemented anti-domestic energy policies, suspended oil and gas leasing on federal land, and enforced costly energy regulations.

    In Maryland, the General Assembly followed suit by passing their own version of the “Green New Deal Scam” and mandating utilities to add new taxes and fees to your power bills.

    The result? Marylanders are struggling more than ever to afford these unnecessary, sky-high energy bills. Nearly every day, my constituents call to inform me that their recent energy bills have increased resulting in staggering charges compared to previous winter seasons. This cannot continue.

    In Congress, I’m fighting to LOWER your energy bills. Last week, the House of Representatives passed the Protecting American Energy Production Act, which promotes domestic energy production and allows for fewer regulations on natural gas production.

    Since taking office, the Trump administration has made energy a focus; declaring a national energy emergency, promoting domestic fossil energy production, and rolling back red-tape regulations that increase energy prices.

    These actions will help energy production nationally but leaders in the Maryland General Assembly must ACT. They should no longer put “green new deal” policies above common sense. 

    The Maryland General Assembly should also work expeditiously to halt the expected June 1, 2025, closures of the Brandon Shores and Wagner power plants, two of our last remaining in-state energy sources. Instead, the General Assembly is focusing their “Green New Scam” wish list on attempts to expand solar on rural and agricultural land.

    Leaders in Maryland should listen to their constituents; they should understand the frustration with high energy bills and the fact that this was brought upon them by the actions of the Maryland General Assembly, which has mandated expensive, undependable sources of energy — including offshore wind.

    Recently, I sat down with Spotlight on Maryland to reiterate my concerns about the high costs of energy in Maryland.

    The letter concludes by listing several resources constituents can utilize if they are experiencing high energy costs in their homes or businesses. 

    For media inquiries, please contact Anna Adamian at Anna.A@mail.house.gov

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Roy Applauds the Trump Administration for Taking Action to Designate Cartels/Gangs as Foreign Terrorist Organizations (FTO’s)

    Source: United States House of Representatives – Representative Chip Roy (R-TX)

    WASHINGTON —  Rep. Chip Roy (TX-21) issued the following statement today on the Trump administration’s decision to designate several cartels/gangs as foreign terrorist organizations (FTO’s).

    Congressman Roy said: “This is the right move from President Trump and Secretary Rubio. We need to treat these cartels like the terrorists that they truly are, and give law enforcement every possible tool to cut them down hard and fast. That is why I first introduced legislation to do this when I was a freshman congressman back in 2019, and it is why I will keep up the fight to codify this policy into law so that no future president can unilaterally reverse it.”

    Secretary Rubio designated the following cartels/gangs as Foreign Terrorist Organizations:

    • Tren de Aragua
    • Mara Salvatrucha
    • Cartel de Sinaloa
    • Cartel de Jalisco Nueva Generacion
    • Carteles Unidos
    • Cartel del Noreste
    • Cartel del Golfo
    • La Nueva Familia Michoacana

    REP ROY’S PAST ACTIONS:

    2019: Rep. Chip Roy Releases Bill Asking Sec. Pompeo To Designate Cartels Foreign Terrorist Organizations (FTOs)

    2019: Reps. Chip Roy and Mark Green Request Drug Cartels Be Added To Terror List

    2019: To fight Mexican drug cartels, we must designate them Foreign Terrorist Organizations

    2021: Congressman Roy introduces legislation to designate cartels as terrorist organizations

    2022: Rep. Roy’s Statement on Texas Governor Abbott designating Mexican drug cartels as foreign terrorist organizations

    2023: Rep. Roy reintroduces bill to designate cartels as terrorist organizations

    2025: Rep. Roy reintroduces bill to designate drug cartels as foreign terrorist organizations

    ‘One of the most important bills filed during this Congress’: Congressman Roy’s Push to Designate Cartels as Terrorist Organizations

    Drone footage of cartel warfare is ‘indicative’ of danger still present at border, says Rep. Chip Roy

    MIL OSI USA News –

  • MIL-OSI Australia: Solar farm in Raywood incident

    Source: Victoria Country Fire Authority

    CFA responded to a fire on a solar farm in Raywood, outside Bendigo at about 5.50pm on Thursday 20 February.

    Ten CFA units from Bridgewater, Campbells Forest, Eaglehawk, Golden Square, Raywood and Woodvale attended the scene.

    FRV, VicPol and Powercor  were also on scene.

    A transformer caught fire on a moderately sized commercial solar farm and crews used foam to extinguish it.

    A warning was put out to the Raywood community because of the black toxic smoke drifting over the township.

    Access was difficult for crews because of the density of the smoke. 

    The scene was under control at about 8.30pm. Energy Safe Victoria is investigating the cause.

    Submitted by CFA media

    MIL OSI News –

  • MIL-OSI United Kingdom: Regional growth to be boosted by £67 million for culture projects

    Source: United Kingdom – Government Statements

    Growth in jobs, tourism and regional regeneration to be ushered in by funding for major cultural projects across the UK

    Regional growth and regeneration will get a much-needed boost as 10 major culture projects across the UK will receive more than £67 million, the government confirmed this week.  

    Funding will be ‘critical’ in showcasing the UK as a world-leader in culture and bring in visitors from across the globe.   

    Just as importantly this will help drive growth in all parts of the country – a key element of the government’s Plan for Change – by creating jobs and in some cases building new homes.   

     Projects receiving funding are:    

    • £15 million for the National Railway Museum in York, will go towards the construction of a new building, Central Hall, which will include a new entrance to the museum, a new gallery, retail, café, flexible event space and new visitor facilities. The museum is part of a wider mixed-use regeneration scheme in York to transform underused railway land into a new city quarter which could create more than 3,000 new homes, new office, retail and hospitality space, contributing to more than 6,000 new jobs and £1.6 billion in economic value to the region.   

    • £10 million to start the process of revamping ‘Temple Works’ in Leeds a derelict Grade 1 building, bringing it into public ownership; paving the way for it to house the British Library North in the future and unlock further regeneration of new housing and commercial development on surrounding sites.  

    • £10 million for the International Slavery Museum and the Maritime Museum in Liverpool, to expand and maintain the museums which play a crucial role in the wider reimagining of the Liverpool Waterfront.   

    • £5 million for the National Poetry Centre in Leeds that will renovate a redundant Grade 2 Listed building to create a national headquarters for poetry and bolster Leeds’ reputation as a regional centre for culture and creativity.    

    • £5 million for City Centre Cultural Gateway in Coventry, that will support the repurposing of the former IKEA building in Coventry city centre to become a new cultural and visitor attraction.    

    • £2.3 million to three cultural projects in Worcester, these three projects will deliver new cultural and public spaces around the Scala arts venue:   

    • A new Scala Co-Working Space will be created to provide an onsite office and studio space for artistic companies to create work.    

    • Two mezzanine floors of the Corn Exchange building will be brought back into use through the creation of Next Level Food which will provide a new space for more events and exhibitions and modern catering facilities will be    

    • A new welcoming social space for younger generations will be created through the Angel Place is Your Space hub   

    • £10 million for Venue Cymru in Conwy, Wales, will upgrade the largest Welsh arts centre outside Cardiff and deliver a step-change in the use of the building, including the relocation of the existing library and Tourist Information Centre to create a modern and innovative cultural hub.   

    • £5 million for Newport Transporter Bridge, Wales, that will fund vital repair and maintenance works to Newport Transporter Bridge, which plays a crucial role in the tourism economy as a visitor attraction in South Wales.   

    • £2.6 million for the Victoria and Albert Museum in Dundee, Scotland, that will expand and recurate the existing Scottish Design Galleries telling the story of Scottish design to create an improved destination and visitor experience.    

    • £2.2 million for Shore Road Skills Centre in Belfast, Northern Ireland, that will see the redevelopment of the South Stand at the Crusaders FC into a unique state of the art community education, event and skills centre  

    Deputy Prime Minister Angela Rayner said:    

    Every corner of the UK has something unique to offer, and our rich creative capital must not be underestimated.    

    Our Plan for Change promises growth for every region and I’ve seen first-hand how these projects are igniting growth in their communities.   

    Through investing in these critical cultural projects we can empower both local leaders and people to really tap into their potential and celebrate everything their home town has to offer. This means more tourism, more growth and more money in people’s pockets.”   

    Alex Norris, Minster for Local Growth, said:    

    The benefits of these fantastic projects go far beyond community and county borders, they are key to unlocking a regional and nationwide celebration of UK culture and creativity as well as driving growth and regeneration.    

    This investment marks a huge step forward in our decade of national renewal as committed to in our Plan for Change – creating jobs and boosting tourism and regeneration in our regions is the type of long-term, sustainable growth the government is prioritising to ultimately put more money in people’s pockets.”   

    Culture Secretary, Lisa Nandy said:   

    Everyone across the country should be able to access arts and culture in the place they call home. This support will empower our cultural organisations to continue playing an essential role in developing skills, talent and high-quality careers in every corner of the UK.”  

    These projects will celebrate and raise awareness of the unique social value and cultural history of the UK while also supporting crucial economic growth through creating local jobs and attracting tourism on a national scale.    

    Projects that are most advanced and will see benefits spread beyond regional borders and attract investment have been prioritised to maximise public spending and deliver long-term growth.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Grattan on Friday: Dutton doesn’t pull his punches on Trump while Albanese plays it safe

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Treasurer Jim Chalmers will not be organising a bucks’ night ahead of the coming nuptials of Prime Minister Anthony Albanese and Jodie Haydon.

    How do we know this morsel of trivia? The treasurer, appearing on Wednesday breakfast TV to talk up Tuesday’s interest rate cut, was asked about being in charge of arranging the PM’s bucks’ party.

    “I’m more of a cup of tea and an early night kind of guy these days. And so I’m sure you can find someone more appropriate to plan the bucks,” Chalmers said, laughing off whatever impatience he may have felt at being taken down this path.

    To the dismay of more than a few in Labor circles, a Women’s Weekly interview with the PM and his fiancee dropped into the news cycle just as the government needed all attention on the rate cut.

    Given the army of prime ministerial spinners, there was some wonder at this publicity collision.

    All leaders do these soft photogenic sessions. But, leaving aside the unfortunate clash, it might be argued this is not the time for the prime ministerial couple to be inviting attention to their post-election marriage. Albanese is not thinking of retiring, but some voters might see a subtle hint of that. As they did when he bought his clifftop house on the central NSW coast.

    Chalmers, when asked about the Women’s Weekly piece, was anxious to get across the message that, wedding or not, “I can assure all of your viewers, whether it’s the prime minister or the rest of his government, the main focus is on the cost of living”.

    More disappointing for the government than the Women’s Weekly blip was the mixed reception the long-anticipated rate cut received in much of the media.

    Reserve Bank Governor Michele Bullock indicated the bank’s decision to cut was a close call. She hosed down expectations of further cuts, which effectively rules out a pre-election move on April Fools’ Day.

    It wasn’t an entirely happy week for Bullock, with critics of the cut suggesting she had responded to political pressure. Out in mortgage land, people will be relieved at the slight help, but it only takes away a fraction of their repayment pain.

    Meanwhile the work of the cabinet expenditure review committee and the treasury continues apace on what could be a “ghost” March 25 budget – if Albanese aborts it with an April election.

    The government insists there is nothing strange about this. If the budget doesn’t eventuate, the measures will be rolled out as election policy, it says. The argument is unconvincing. Preparing a budget and putting together election policy may have some things in common, but they are not the same. A budget is a close-woven tapestry; election policy is open-stitch cloth.

    The uncertainty about the election date, while full campaigning is underway, is disruptive for business and the economy (even if, as Chalmers says, it’s now only a matter of weeks either way). It reinforces the argument for fixed federal terms, which work well in the states. But the obstacles are such that that’s not even worth talking about, unfortunately.

    In a “no show without Punch” moment this week, Clive Palmer entered the election race with his Trumpet of Patriots party and a promise to spend “whatever is required to be spent”. There’s talk of $90 million being splashed on a “Make Australia Great Again” platform.

    It’s hard to get a fix on what impact Palmer will have. He’s competing with Pauline Hanson for votes on the right. Labor fears his advertising on the cost of living will crowd out its messages. He is also targeting Opposition Leader Peter Dutton for not being Trumpian enough. He told Nine media, “As Dutton said, he’s no Donald Trump. I say, what’s wrong with being Donald Trump?”

    The answer is, a very great deal. As Trump’s presidency unfolds, its dangers are becoming more obvious than even his harshest critics feared.

    Inevitably, the shadow of Trump is hanging increasingly over our election.

    With Trump’s win, the Liberals would have thought the latest manifestation of a widespread international swing to the right would put wind in their sails. But the counter-argument has grown – an erratic and autocratic Trump is making some Australian voters feel more unsettled and inclined to stick with the status quo.

    Dutton is not a mini-me Trump but shares some of his views on issues such as government spending, bureaucracy and identity politics. Former Prime Minister Scott Morrison told the Australian Financial Review this week that Dutton would sympathise with some of Trump’s objectives but the opposition leader was “not trying to ape” what was going on in the United States.

    Trump’s push to end the Russia-Ukraine war has taken Trumpism to a fresh, alarming level, and could inject strains into the Australia-US relationship.

    Trump has sidelined Ukraine and is clearly favouring Russia in pursuing a settlement. Now he has launched an extraordinary personal attack on Ukrainian President Volodymyr Zelensky.

    On his social media platform Trump lashed Zelensky as a “modestly successful comedian” who had gone “into a war that couldn’t be won, that never had to start”. Zelensky was a “dictator” who refused to have elections, had done “a terrible job” and was very low in the opinion polls, Trump said.

    Ukraine’s cause has been bipartisan in Australia, which has given the country more than $1.5 billion in assistance and now has (belatedly) reopened its embassy there.

    To his credit, Dutton immediately condemned Trump’s stand in very forthright terms.

    “President Trump has got it wrong in relation to some of the public commentary that I’ve seen him make in relation to President Zelensky and the situation in Ukraine,” he told Sydney radio.

    “I think very, very careful thought needs to be given about the steps because if we make Europe less safe, or we provide some sort of support to [Russian president] Putin, deliberately or inadvertently, that is a terrible, terrible outcome.”

    Albanese’s initial response was to repeat firmly Australia backing for Ukraine, condemning Russia. He did not comment directly on Trump’s attack. He repeated he was not going to give “ongoing commentary on everything that Donald Trump says”.

    The government finds itself caught between the need to strongly reject Trump’s handling of Ukraine, and a desire to tread softly with an administration from whom it desperately wants to win a concession on tariffs.

    Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Grattan on Friday: Dutton doesn’t pull his punches on Trump while Albanese plays it safe – https://theconversation.com/grattan-on-friday-dutton-doesnt-pull-his-punches-on-trump-while-albanese-plays-it-safe-250386

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Firms Encouraged to Meet the Buyer

    Source: Scotland – City of Dundee

    A call is going out for local businesses keen to bid for work in the public sector to attend a Dundee event where they can meet buyers from organisations across Tayside. 

    The free Meet the Buyer gathering on March 4 at the Michelin Scotland Innovation Parc (MSIP) will give potential suppliers the opportunity to talk informally about upcoming contracts. 

    A wide range of goods and services are bought in by public bodies including personal care, building works, transport and catering. 

    Councillor Steven Rome, convener of Dundee City Council’s Fair Work, Economic Growth and Infrastructure committee, said: “This event aims to help local businesses to be ready to bid for work from councils, health boards, universities and other public bodies when it comes up. 

    “Attendance is free, but we are keen that new and existing suppliers, particularly local businesses in and around Dundee, register for the event. 

    “Buyers will be there to meet potential suppliers to chat about upcoming contracts, how they go about tendering and what they look for when buying goods and services for their organisations.” 

    “Suppliers will also be able to network with meet larger contractors with public sector contracts to learn about current and active subcontract opportunities, and how to join their supply chains.”                                                       

    The free event is being organised by Dundee City Council in partnership with Perth & Kinross Council, Angus Council, and the Supplier Development Programme (SDP). 

    It takes place on Tuesday March 4 between 10am and 2pm at the Innovation Hub at the MSIP, Baldovie Road, Dundee.  

    Anyone who wants to attend should register on the SDP website here  

    Attendees on the day will be able to introduce their business to a wide range of public sector organisations, including: 

    • Dundee City Council 

    • Abertay University 

    • Angus Council 

    • Scotland Excel 

     

    Contractors confirmed to attend are Robertsons Tayside, McLaughlin & Harvey, MVV Environment Baldovie Ltd and Balfour Beatty. 

    Gillian Cameron, Programme Manager of the Supplier Development Programme, said: “Meet the Buyer Tayside is a fantastic opportunity to network with the real buyers that design and advertise local public sector contracts and supply chain opportunities, as well as learn about the free business support and training local businesses can access to help them bid better. 

    “The Supplier Development Programme works hand in hand with local authorities to create free events like Meet the Buyer Tayside, which help local businesses find, win and keep public sector contracts. So, if you want to consider and win work with the public sector or its partners in Tayside, this event is an unmissable opportunity.” 

    The session will include speakers and workshops, looking at topics like Quick Quotes for smaller contract opportunities, Community Wealth Building and how to use Public Contracts Scotland (PCS) and Public Contracts Scotland Tender (PCS-T) to tender for work. 

    MIL OSI United Kingdom –

  • MIL-OSI Banking: Secretary-General of ASEAN delivers remarks at the Launch of the Australia-Southeast Asia Regional Development Partnership Plan (2024-2028)

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, delivered remarks at the Launch of the Australia-Southeast Asia Regional Development Partnership Plan (2024-2028) at the ASEAN Headquarters/ASEAN Secretariat today.  SG Dr. Kao highlighted the longstanding relations between ASEAN and Australia and the continued strengthening of cooperation for over more than five decades. SG Dr. Kao welcomed the launch of the partnership plan, which will bring to fruition the priorities that both sides share as part of the ASEAN-Australia Comprehensive Strategic Partnership and Australia’s continued support for ASEAN Community building and integration.

    Download the full remarks here

    The post Secretary-General of ASEAN delivers remarks at the Launch of the Australia-Southeast Asia Regional Development Partnership Plan (2024-2028) appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Australia: Fatal crash at Ridleyton

    Source: South Australia Police

    A man has died in hospital following a crash in Ridleyton on Monday.

    At 6pm Monday 17 February emergency services were called to the intersection of Torrens Road and Blight Street after reports of a collision between a Nissan sedan that had been travelling north on Blight Street and a gopher that had been travelling south on Torrens Road.

    The driver of the Nissan, a 29-year-old Port Augusta West woman, was treated at the scene for minor injuries.

    The rider of the gopher, a 79-year-old Brompton man, was taken to hospital for treatment of serious injuries.

    Today, Thursday 20 February, the man sadly died in hospital.

    Major Crash officers are investigating the circumstances surrounding the crash.

    The man’s death is the 17th Life Lost on SA Roads this year.

    MIL OSI News –

  • MIL-OSI Economics: Air India and Lufthansa Group announce significant expansion of codeshare partnership: ~60 additional routes across 12 Indian and 26 European cities

    Source: Lufthansa Group

    Air India and Lufthansa Group have agreed to build on their longstanding codeshare partnership, which sees Air India enter into a new codeshare agreement with Austrian Airlines, as well as expand the existing codeshare agreements between Air India, Lufthansa, and Swiss International Air Lines (SWISS).

    The expanded partnership significantly boosts flight options and connectivity for travellers between the Indian Subcontinent and Europe with the addition of close to 60 codeshare routes operated by the four airlines across 12 Indian and 26 European cities.

    The expanded agreements increase the total number of codeshare routes between Air India, Lufthansa and SWISS from 55 to nearly 100. Additionally, the new agreement between Air India and Austrian Airlines adds 26 codeshare routes. This provides greater choice, convenience, and seamless experiences to travellers from both regions.

    Customers of Lufthansa Group will now be able to connect to Air India’s domestic services to or from 15 points within India, namely Ahmedabad, Amritsar, Bengaluru, Bhubaneswar, Chennai, Delhi, Goa Mopa, Goa Dabolim, Hyderabad, Indore, Kochi, Kolkata, Mumbai, Pune, and Thiruvananthapuram. Additionally, Lufthansa Group carriers will add their respective designator codes to Air India’s international services to 3 destinations from Delhi and Mumbai: Kathmandu, Melbourne, and Sydney.

    Additionally, flights currently operated by Air India and Lufthansa Group carriers between India and Germany or Switzerland will be covered under the expanded codeshare partnership. For example, customers who wish to fly between Delhi and Frankfurt will now have three daily flight options each way with ‘LH’ flight numbers, including two flights operated by Air India and one flight operated by Lufthansa.

    Reciprocally, Air India will now offer its customers a total of 26 destinations across Europe and 3 destinations in the Americas beyond its gateways in Europe (Frankfurt, Vienna, and Zurich), with the ‘AI’ designator code placed on the following services operated by airlines in the Lufthansa Group, including Austrian Airlines for the first time:

    Lufthansa
    Between Frankfurt and: Amsterdam, Barcelona, Berlin, Bremen, Brussels, Copenhagen, Dresden, Düsseldorf, Dublin, Geneva, Hamburg, Hannover, Luxembourg, Lyon, Manchester, Marseille, Munich, Nice, Nuremberg, Oslo, Prague, Riga, Rio de Janeiro, São Paulo, Stockholm, Stuttgart, Toulouse, Valencia, Washington D.C.

    SWISS
    Between Zurich and: Amsterdam, Barcelona, Berlin, Bremen, Brussels, Copenhagen, Dresden, Düsseldorf, Dublin, Geneva, Hamburg, Hannover, Luxembourg, Manchester, Marseille, Munich, Nice, Oslo, Prague, Stockholm, Stuttgart, Valencia.

    Austrian Airlines
    Between Vienna and: Amsterdam, Barcelona, Berlin, Bremen, Brussels, Copenhagen, Düsseldorf, Geneva, Hamburg, Hannover, Lyon, Manchester, Marseille, Munich, Nice, Oslo, Prague, Stockholm, Stuttgart, Valencia.

    Both airlines plan to progressively include other destinations in their network to the codeshare arrangements.

    Air India and the three Lufthansa Group carriers are members of Star Alliance. Frequent flyers will continue to earn and redeem points/miles on all four airlines, while elite status holders of Air India’s Maharaja Club and Lufthansa Group’s Miles & More programmes will benefit from Star Alliance Gold benefits including priority services, extra baggage allowance, and airport lounge access across the world. 

    According to Lufthansa Group Chief Commercial Officer, Dieter Vranckx: “We are thrilled to strengthen our partnership with Air India and elevate the travel experience for our joint customers. By further enhancing our cooperation, we will increase the travel options between Europe and India and offer our passengers improved access to additional destinations. Lufthansa Group remains committed to India, and we are excited about the possibilities and potential the country and Air India as a partner have to offer”.

    Nipun Aggarwal, Chief Commercial Officer, Air India, said: “Our goal is to enable our customers to travel from any corner of the world to another via Air India and its partner airlines. The expansion of our partnership with Lufthansa Group is a step in that direction, and we are pleased to take this long-standing relationship to the next level. With this renewed partnership, our customers will have access to more destinations and greater flexibility to travel across Europe on Lufthansa Group carriers. It also gives us the opportunity to serve Lufthansa Group customers, with warmth and quintessential Indian hospitality, aboard Air India flights. We look forward to continue working closely with our Star Alliance partners in making the world feel like a smaller place.”

    Subject to regulatory approvals, the codeshare flights will be progressively made available for sale through the airlines’ respective booking channels.

    ABOUT LUFTHANSA GROUP:

    The Lufthansa Group is an aviation group with operations worldwide. With 100,000+ employees, Lufthansa Group generated revenue of €35.4bn in the financial year 2023. Our largest business segment is Passenger Airlines while other key business segments include Logistics and Maintenance, Repair and Overhaul (MRO). Other companies and Group functions such as IT companies and Lufthansa Aviation Training form complimentary components of the Group. All airlines and business segments play leading roles in their respective markets.

    ABOUT AIR INDIA GROUP:

    The Air India group – comprising of full-service global airline Air India and low-cost regional carrier Air India Express – is spearheading a new era of Indian aviation. The Air India story began in 1932 when JRD Tata piloted the airline’s inaugural flight and opened the skies for aviation in India. Today, Air India group employs more than 30,000 people, operates over 300 aircraft and carries customers to 55 domestic and 48 international destinations across five continents.

    Returning to the Tata Sons in 2022 following 70 years under Government ownership, Air India group is in the midst of a five-year transformation program, Vihaan.AI. As part of the transformation, Air India placed the then largest-ever order for 470 new aircraft in 2023. In 2024, sister airlines Air Asia India and Vistara were successfully merged into Air India Express and Air India respectively, and the Airline opened South Asia’s largest aviation training academy.

    A new flying school is scheduled to open in 2025, and construction of a greenfield maintenance base, to be operational in 2026, is underway. In addition to receiving new aircraft, all existing aircraft are progressively undergoing a full interior refit.

    With transformation underway across all facets of the business and India’s rich legacy of hospitality, Air India is committed to being a world class global airline with an Indian heart.

    MIL OSI Economics –

  • MIL-OSI NGOs: Job Opening: EXECUTIVE DIRECTOR

    Source: Greenpeace Statement –

    This is a permanent role based in Bangkok, Kuala Lumpur, Jakarta, or Manila.

    Greenpeace activists and volunteers gather at a wind farm at Baru beach during Buru Baru festival to hold letters forming a banner reading: ‘#ActionForClimate.’ Part of a Global Day of Action in Bantul, Yogyakarta, Indonesia. © Ulet Ifansasti / Greenpeace

    About the Role

    The Executive Director will provide visionary leadership, ensuring alignment with Greenpeace’s core values. This includes overseeing operations in four countries, the Philippines, Malaysia, Indonesia, and Thailand, driving international collaboration, and maintaining accountability across governance, human resources, and financial management. The role requires a proactive approach to campaign contributions within Greenpeace’s global objectives.

    The job holder will have the following key responsibilities:

    Strategic Leadership

    • Develop and communicate a clear vision and strategic objectives aligned with Greenpeace’s mission.
    • Empower staff and volunteers to foster a shared sense of purpose and organisational culture.
    • Monitor external developments and implement responsive strategies as needed.

    Operation, Finance, and Fundraising

    • Oversee all organisational functions, ensuring strategies and policies align with core values.
    • Maintain financial discipline and ensure adherence to auditing practices.
    • Collaborate with the Fundraising Director to explore alternative funding streams and improve grassroots contributions from individual donors across the region.
    • Recruit, train, and develop staff with a focus on accountability and high performance.

    Change Management

    • Drive organisational transformation through strategic planning, operational efficiency, and transparent decision-making.
    • Align global objectives with mission-focused strategies to enhance morale, inclusivity, and overall effectiveness.
    • Determine and implement effective management structures and systems to achieve organisational objectives.
    • Foster cross-country collaboration to enhance efficiency and inclusivity.

    Communications and Network

    • Enhance internal communication and information flow across departments, countries and hierarchy levels.
    • Build and maintain productive relationships with NGOs, media, government, and relevant stakeholders.

    Governance and Relationship to The Board

    • Create and adapt annual, mid-term and long-term strategies in partnership with the Board and Greenpeace International.
    • Ensure compliance with legal, statutory, and regulatory responsibilities.
    • Identify and mitigate organisational risks while maintaining operational effectiveness.
    • Provide regular reports to the Board, ensuring informed decision-making.

    Campaign Advocacy and Representation

    • Create and adapt annual, mid-term and long-term strategies in partnership with the Board and Greenpeace International.
    • Ensure compliance with legal, statutory, and regulatory responsibilities.
    • Identify and mitigate organisational risks while maintaining operational effectiveness.
    • Provide regular reports to the Board, ensuring informed decision-making.

    Personnel, Health, and Safety

    • Lead and implement impactful campaigns on rainforest conservation, climate justice, ocean, plastic and coal reduction.
    • Drive grassroots mobilisation, engage key stakeholders, and amplify GPSEA’s successes through strategic advocacy efforts.
    • Represent GPSEA at international meetings and in public forums.
    • Act as a spokesperson for the organisation.

    Personnel, Health, and Safety

    • Ensure adherence to best practices in all operational areas, balancing ambition with available resources.

    Skills and Experience

    • Environment movement background.
    • Proven leadership in a complex organisation, with a focus on effective management and accountability.
    • Deep understanding of global environmental issues and sustainability principles.
    • Strong systems thinking, strategic planning, and horizon-scanning skills.
    • Ability to inspire and unite diverse stakeholders around a compelling vision.
    • Commitment to Non-Violent Direct Action (NVDA) and grassroots campaigning.
    • Financial literacy and a positive attitude toward digital innovation.
    • Fluency in English; additional language skills are an asset.

    Personal Attributes

    • Responsive and adaptive. 
    • Highly emotionally intelligent with strong interpersonal skills.
    • Courageous, empathetic, and humble leadership style.
    • Committed to social and environmental justice.
    • Activist spirit with a passion for Greenpeace’s mission.
    • Understanding of Southeast Asia’s cultural and operational dynamics.

    Greenpeace’s Commitment to Diversity and Inclusion

    Greenpeace values diversity as essential to its mission and success. The organisation fosters an inclusive environment that respects varied cultural experiences and perspectives, promoting solutions rooted in social and environmental justice.

    Deadline for applications: March 20, 2025

    Jobs

    Do you have a passion for this planet and want to do more? Work with us!

    TAKE ACTION

    MIL OSI NGO –

  • MIL-OSI Australia: MOUNT BURR RD/DELANEYS RD , ROCKY CAMP (Grass Fire)

    Source: Country Fire Service – South Australia

    Issued on
    20 Feb 2025 17:42

    Issued for
    ROCKY CAMP near Millicent in the Lower South East of South Australia .

    Warning level
    Advice – Monitor Conditions

    Action
    Monitor local conditions and stay informed if you are in this area. Decide what you will do if the situation changes.

    At this time there is no threat to life or property and firefighters are attending this fire.

    More information will be provided by the CFS when it is available.

    MIL OSI News –

  • MIL-OSI: ING to redeem Perpetual Capital Securities

    Source: GlobeNewswire (MIL-OSI)

    ING to redeem Perpetual Capital Securities

    ING announced today it will redeem USD 1,250 million of 6.500% Perpetual Additional Tier 1 Contingent Convertible Capital Securities (the “Perpetual Capital Securities”) on the call date of 16 April 2025, in line with ING’s goal to continuously optimise its capital structure.

    The Perpetual Capital Securities (CUSIP 456837AF0/ISIN US456837AF06) will be redeemed in full in accordance with their terms, with payment to be made on 16 April 2025. The redemption price will be the principal amount of the Perpetual Capital Securities. Accrued and unpaid interest due on the redemption date will be paid in the usual manner to holders of record as of 15 April 2025. The paying agent for the Perpetual Capital Securities is The Bank of New York Mellon, London Branch 160 Queen Victoria Street London EC4V 4LA United Kingdom.

    Any future decisions by ING as to whether it will exercise (or cause to be exercised) calls in respect of debt securities will be made on an economic basis, taking into account the interests of all stakeholders. Other factors that ING will consider include prevailing market conditions, regulatory approval and capital requirements.

    Note for editors

    For more on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

    ING PROFILE
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

    Important legal information

    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

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    The MIL Network –

  • MIL-OSI New Zealand: Federated Farmers Statement: Members’ Bill puts woke banks on notice

    Source: Federated Farmers

    Federated Farmers say Andy Foster’s Members’ Bill, drawn from the ballot earlier this afternoon, will stop lenders from unfairly de-banking legitimate businesses and industries.
    “Banks have been under huge pressure recently for some of their more unpalatable lending practices,” Federated Farmers banking spokesperson Richard McIntyre says.
    “This Bill is only going to add to that scrutiny and will shine a white-hot light on big banks that have been forcing their ideological views down the throats of everyday New Zealanders.”
    Federated Farmers have been vocal critics of the banking sector in recent years and were instrumental in securing the select committee inquiry currently underway.
    They have also played a significant role in exposing discrepancies between the different targets big Australian banks are setting for Kiwi farmers compared to their Australian clients.
    Late last year the organisation blew the whistle on the Bank of New Zealand’s outrageous decision to effectively de-bank legitimate businesses like petrol stations from 2030.
    “Federated Farmers support this Bill and will be encouraging all Government parties to throw their support in behind it,” McIntyre says.
    “Lending decisions should be based on financial drivers, not ideological or political considerations.
    “Legitimate New Zealand businesses, like farms and petrol stations, should not be unfairly targeted by banks because of the industry we operate in.
    “It’s important we can continue to access banking services and the capital we need to keep growing our businesses, creating jobs, and contributing to the economy.
    “Provided we’re following the laws set by our democratically elected Government, we should be able to go about our business without our bank becoming the moral police.”

    MIL OSI New Zealand News –

  • MIL-Evening Report: A new play about Julian Assange, Truth is an intelligent, thoughtful and unsettling work

    Source: The Conversation (Au and NZ) – By Kate Hunter, Senior Lecturer in Art and Performance, Deakin University

    Pia Johnson/Malthouse Theatre

    Truth, the new play from writer-director pair Patricia Cornelius and Susie Dee, dives headfirst into the contentious world of Julian Assange. It offers us a nuanced portrait of the WikiLeaks founder who transformed from hacker wunderkind to global lightning rod.

    An apt celebration of the significant body of work from the acclaimed duo, Truth opens nearly 40 years after the pair created and performed their first collaboration, Lilly and May.

    Assange rose to global prominence by publishing classified documents that exposed government secrets and surveillance programs. He became both a celebrated whistleblower and a controversial figure in debates about transparency and national security.

    Truth unravels the threads of his story.

    Truth reveals the complex legacy of a man whose actions have both championed and challenged modern democracy.
    Pia Johnson/Malthouse Theatre

    A complex legacy

    The work is set in a spare, black-box space, characterised by Matilda Woodroofe’s bureaucratic brutalist design.

    A backdrop of hard mesh enclosures and scaffolded structures evokes a monotonous line of outdoor exercise yards or prison cells. This is flanked by colourless filing cabinets, 80s-style laminated brown desks and office chairs on wheels. A giant LED screen crowns the structure.

    The ensemble (Emily Havea, Tomàš Kantor, James O’Connell, Eva Rees and Eva Seymour) weaves together key moments in Assange’s life, revealing the complex legacy of a man whose actions have both championed and challenged modern democracy.

    Speaking in chorus at times, the actors perform multiple versions of Assange and other characters. They are journalists, whistleblowers, narrators, and include the key figures of Edward Snowden and Chelsea Manning.

    A terrific and youthful ensemble cast delivers sensitive and energised performances.
    Pia Johnson/Malthouse Theatre

    Characterised by Cornelius’ trademark rapid-fire dialogue, the text is tightly calibrated with smart, sparse, dry comments that, at times, comically undercut our Australian sensibilities. As one character says, “the worst thing to be in this country is too smart”.

    The ensemble is physically dynamic and vocally strong. They have a particular choreographic fluidity. A spaciousness and attention to timing allows each performance to land. This is a testament both to Dee’s sharp, contained direction, and a terrific and youthful ensemble cast who deliver sensitive and energised performances.

    From geek to advocate

    The play moves chronologically through Assange’s life. We begin with the rocky early years marked by the dissonance between his sharp intelligence and reputation as computer nerd. We witness his arrests for hacking. We follow his evolution from awkward geek to outspoken advocate for free speech.

    The play offers us a nuanced portrait of the WikiLeaks founder who transformed from hacker wunderkind to global lightning rod.
    Pia Johnson/Malthouse Theatre

    The play is grounded in comprehensive research, and solo moments featuring Snowden and Manning serve as poignant interludes to the fast-paced narrative of Assange’s life events.

    I am struck by the way the work unsettles my preconceptions. The small, stark image of a naked Private Manning in her isolated cell is particularly raw and affecting – but is juxtaposed on stage against Assange’s dubious behaviour towards two young women in Sweden.

    The show clips along, all the while unfolding a nuanced consideration of the complexities of reported narratives and the myriad ways in which journalistic narratives are influenced – and controlled.

    The delivery to the audience is largely direct-address. This risks becoming tedious, but Cornelius’ intelligent style and the ensemble’s strong performance carries through.

    The LED screen is used to great effect. The video design (Meri Blazevski) shifts through rainstorms of binary digits, to list of early Assange manifestos or leaked stories, to pixellated images of actors’ faces as teenage gamers.

    The work is set in a spare, black-box space, characterised by Matilda Woodroofe’s bureaucratic brutalist design.
    Pia Johnson/Malthouse Theatre

    In a long and shocking sequence, we witness drone footage from the Afghanistan war logs accompanied by the chillingly dispassionate commentary of the operators.

    Often, the screen becomes a surface for live video feeds which work to personalise or disembody characters, functioning variously as narrator, witness, and surveillance device. Transitions between closeups, documentation and stark data both drive and complicate the storytelling.

    Kelly Ryall’s composition and sound design – often paired with the pulsing or flashing giant texts on the screen – is a retro-electronic tapestry of victory chimes, synthetic bleeps and Pac Man pings. It is all underscored by deep digital tones and rapid analogue tapping of keyboards.

    A long artistic relationship

    This is an intelligent and thoughtful show that manages to be both complex and entertaining. The play is particularly salient given current global events, challenging us to consider the scale of what we’re up against, how long we should remain silent, and what power – if any – we have to effect change.

    In an era of heated debate about transparency and fake news, Truth emerges as a vital and edgy work in the capable hands of two highly respected theatre makers.

    The work is testament to the longevity of an artistic relationship between two older women that carries decades of embodied knowledge.

    Despite the persistent ageism in Australian theatre that often equates “urgency” exclusively with youth, this work reminds us older artists can and do challenge and disrupt – and bring a special and necessary currency to our cultural life.

    Truth is at Malthouse Theatre, Melbourne, until March 8.

    Kate Hunter does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. A new play about Julian Assange, Truth is an intelligent, thoughtful and unsettling work – https://theconversation.com/a-new-play-about-julian-assange-truth-is-an-intelligent-thoughtful-and-unsettling-work-247909

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Arrests – Driving offences – Greater Darwin Region

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has arrested two females and four males yesterday for driving under the influence of drugs.

    Darwin Traffic Operations members launched a road blitz yesterday targeting speeding in the Greater Darwin Region, resulting in six positive roadside drug tests during random traffic apprehensions.

    Two females, aged 40 and 41 years-old, and the four males aged 33, 37, 39, and 52 years-old, have had their drivers licences immediately suspended. Some of the offenders were issued with infringement notices and some have been summonsed to appear in court at a later date.

    Darwin Traffic Operations are also investigating a hooning incident that occurred on Saturday night. Police allege two vehicles took off at speed from traffic lights and were later observed on CCTV footage fishtailing along the road. One of the vehicles contained a 3-year-old child at the time of the incident.

    A 33-year-old male involved in this incident, will have his vehicle seized and will be summonsed to appear in the Darwin Local Court at a later date. He has been charged with participating in speed trials / races, drive vehicle cause loss of traction and dangerous driving.

    Superintendent Paul Wood said, “It is utterly disgraceful that these individuals have chosen to endanger the lives of our fellow Territorians. Not only were these motorists speeding, they also tested positive for drugs. This is a blatant disregard for public safety.”

    “Police will continue to remind all road users about the Fatal Five as they are critical factors that contribute to the tragic loss of life on our roads.”

    MIL OSI News –

  • MIL-OSI Australia: Exits: making warranty and indemnity insurance work for your sale process

    Source: Allens Insights

    A practical guide 7 min read

    Warranty and indemnity insurance (W&I insurance) is now a near staple in sale processes run by sellers seeking a clean exit from an investment, especially in the private capital context. However, some processes—and parties—are able to make better use of the product than others.

    In this Insight, we step through, in practical terms, how both sellers and buyers can optimise their use of W&I insurance in these processes.

    Key takeaways 

    • For sellers: sellers should ensure they put in the work before launching a sale process so that the W&I program is set up for success. This means engaging the right broker and selecting the right insurer early and doing the necessary preparatory work so that the insurance terms are well defined and bidders are well placed to secure acceptable coverage. Leaving the W&I insurance to the bidder to solve is fraught.
    • For bidders: bidders should leverage, rather than duplicate, any Vendor Due Diligence (VDD) that has been carried out and focus their top-up due diligence on the areas required to close coverage gaps or that really go to value, all with a view to presenting a bid that balances their recourse requirements with something that is easy for a seller to readily execute.

    Is warranty and indemnity (W&I) insurance right for your process? A quick recap on the product

    W&I insurance only covers unknown risks. All known issues are carved out from coverage, including matters identified in due diligence.

    This means that if the business being sold has several known issues, sellers should carefully consider whether it makes sense to require bidders to obtain and pay for W&I insurance (as said known issues will be excluded under the policy, leaving an exposure for somebody to stand behind). If a clean exit is a non-negotiable and the issues are major, sellers may need to consider coupling it with (more expensive) known risk insurance.

    On rare occasions, we have seen pressure from bidders to cause sellers to rethink the W&I program/recourse proposition mid-process, which can undermine the seller’s leverage in negotiating a clean exit and disrupt the overall auction process.

    Sell-side

    Select the right broker

    A critical initial step is to select an experienced W&I insurance broker, and to do so early. A good broker actively negotiates pricing, coverage/exclusions and other policy terms, knows the bidder universe (eg if that is sponsors) and their typical requirements and has the bandwidth for the transaction. A seller’s ‘house’ insurance broker for ordinary course business may not necessarily fit this bill.

    Select the right insurer 

    The W&I broker should test the insurance market for indicative proposals, focusing not only on best pricing, but also on the best terms and fewer exclusions. For example, a lack of a pollution/contamination exclusion, cyber exclusion or AML exclusion may be more valuable for the particular transaction than a lower premium.

    Practical considerations are important too. For example, not all insurers have boots on the ground or the capacity to ‘run trees’ and take multiple bidders through pre-preferred underwriting in parallel. In addition, some insurers no longer require  underwriting calls and get comfortable underwriting based on written responses to tailored sets of underwriting questions (which are prepared either way) – this saves real time and cost and is a more efficient process. In our experience, a good broker has a gauge on all of this.

    Vendor due diligence? Settle scopes, identify gaps

    Done well, Vendor Due Diligence is a worthwhile investment that cuts down the buy-side work bidders need to do to obtain appropriate coverage and, in turn, streamlines the often extensive demands on management time during the sale process itself.

    To make it most efficient, sellers should look to the W&I broker to help settle the scope of each adviser’s VDD exercise before work gets underway. Once the VDD reports are ready, they should be shared with the preferred insurer to enable the insurer to prepare a ‘gaps memo’ that outlines for bidders what top-up due diligence the insurer does (and does not) expect in order to be able to provide fulsome coverage. Most insurers will require a sell-side underwriting fee for this exercise, however the fee is nominal in the context of the overall process and only payable if the process collapses, making it a worthwhile investment.

    Payroll compliance sampling

    Regardless of whether broader VDD is being carried out, if the target group has a reasonable sized workforce, sellers should seriously consider undertaking payroll compliance sampling – which is now a near pre-requisite for underpayment/misclassification coverage – prior to launching the process. Particularly if a clean exit is critical, getting ahead of this work stream is important to be able to obtain coverage.

    At a minimum, the scope of required sampling should be settled with the broker and preferred insurer and all required sampling information collated in advance (this can take considerable time) and made available to bidders at the start of the confirmatory phase so that they can do it themselves.

    The sampling scope is best framed with the input of both accounting and legal advisers. Key considerations include whether all or only some of the following are covered:

    1. underpayment against entitlements (in enterprise agreement(s) and award(s));
    2. misclassification of permanents vs casuals; and
    3. misclassification of contractors vs employees.

    A 5% sample size across three consecutive pay periods and a range of pay bands is a common rule of thumb, however this may be reduced for larger workforces.

    Documents for bidders

    W&I insurance expectations and process requirements should be outlined in the process letter for the auction, with the program proposal, gaps memo and draft policies made available to bidders from the outset of the binding bid phase so that bidders can move quickly. Ideally, sell side counsel should have done a first round of negotiation on the draft policies (primary and excess) so that the documents are in a sensible starting position for bidders.

    The draft sale agreement should accurately reflect the ask on recourse, including who is obligated to pay the premium (usually the buyer in a competitive process). Sellers should give careful thought in particular to whether and in what circumstances they are prepared to stand behind title claims – for what period, from ‘dollar one’ or only above the policy limit, at the group level or only at the target entity level and so on. While sellers regularly open with a sale agreement that contemplates zero recourse for title claims, the negotiated position often sees them get comfortable standing behind these for a short period (say 2 years or so vs the 7 years available under the policy) and for amounts up to the sale price above the policy limit.

    A tip on sale agreement limitation of liability regimes – the kitchen sink often isn’t necessary in a no or limited recourse deal, so sellers are often better off asking only for those they really need rather than engaging in protracted negotiation on those they don’t or eroding the bidder’s coverage position unnecessarily.

    Buy-side

    Top-up due diligence only

    Some bidders have a tendency to effectively ignore the VDD that is made available and do ground up buy-side due diligence, which can be time consuming and costly. Where the VDD is high quality and reliance is being extended by the report providers, bidders should take advantage of it and look to confine their buy side work to top-up due diligence where necessary to plug gaps the insurer has identified (there are always some) or otherwise stress test areas of real focus or value.

    Price the risk

    The W&I premium is tied to the chosen policy limit and typically reduces (as a percentage of the limit) as the insurance tower grows and the rate is ‘blended’ across the primary and excess policies. However, beware of paying for a limit you do not need – the larger the deal the smaller the W&I insurance policy limit usually needs to be, with limits below 20% of enterprise value being common for bigger deals. Bidders are usually also better off accepting or ‘pricing’ the premium as a transaction cost, rather than seeking to split it with the seller in the sale agreement.

    Make the broker work for you

    Although bidders don’t usually get a say in the broker (firm or individual) in a sell-side arranged W&I program, it’s important for bidders to work effectively with the broker assigned to them to help secure the best possible terms. The best brokers earn their commission by proactively using their relationships and precedent transactions to push the insurer to provide better coverage terms. 

    Take a view on known risks or accept exposure?

    In hotly contested processes, making the bid executable is key. For bidders, this could mean committing to paying for underwriting early (before being selected), getting comfortable with business as usual risks inherent to the asset being sold or taking a view on known issues where the exposure can be quantified and priced (rather than seeking recourse to the seller). In more extreme circumstances, this could mean signing the sale agreement before completing underwriting (and incepting or endorsing the W&I policy post signing, without the comfort of a W&I condition precedent). In the right circumstances, confident bidders can differentiate themselves and gain a competitive advantage by doing so, as it’s possible for their bid to be signed within a matter of hours after they are selected preferred (if the other transaction terms are settled).

    Conclusion

    W&I insurance is now a near-universal feature of private capital (and increasingly, corporate) sale processes. It is undoubtedly a useful product, but its true value turns on how well it is prepared for and used by the parties insisting and relying on it.

    MIL OSI News –

  • MIL-Evening Report: A defence treaty with PNG might seem like a ‘win’ for Australia. But there are 4 crucial questions to answer

    Source: The Conversation (Au and NZ) – By Joanne Wallis, Professor of International Security, University of Adelaide

    Today, Australian Defence Minister Richard Marles began negotiations with his Papua New Guinean counterpart, Billy Joseph, on a defence treaty. This builds on the bilateral security agreement signed between the countries in 2023.

    Analysts have been quick to link the new defence treaty with Australia’s anxiety about China’s increasingly visible presence in the Pacific region.

    This reflects Australia’s longstanding anxiety about powers with potentially hostile interests establishing a foothold here.

    Because it’s only three kilometres from Australian territory, PNG has always been a particular concern. TB Millar, one of the architects of modern Australian strategic policy, went so far as to observe in 1965 that:

    if the whole island [of Papua New Guinea] were to sink under the sea, the net result for Australia in terms of military strategy would be a gain. It is an exposed and vulnerable front door.

    So, the possibility of a defence treaty seems like a “win” for an Australian government keen to bolster its security credentials in the frantic months before the federal election.

    But the government needs to have good answers to four questions before it signs on the dotted line.

    1. How will Australia enforce the treaty?

    Although treaties are theoretically legally binding, there are very few practical enforcement mechanisms.

    The constant agonising in Australia about whether the United States will meet its obligations under the Australia, New Zealand and United States Security Treaty (ANZUS) exemplifies this.

    The Trump administration’s actions also illustrate how quickly a change of government can switch foreign and strategic policy directions, including obligations under longstanding treaties. Like ANZUS, the risk of unenforceability of the PNG treaty is higher for Australia. Australia’s anxieties about China mean that it needs the treaty more than PNG does.

    Sanctions are the most likely way Australia could try to enforce the treaty if, say, PNG breached it by striking a security deal with China. But sanctions can be ineffective.

    Alternatively, Australia could threaten to withdraw its support if PNG breached the treaty. But this is also unlikely because Australia knows China is likely to step into any gap.

    This has been demonstrated in Solomon Islands. Even though Australia has a security treaty with Solomon Islands and invested A$3 billion in the 2003–17 Regional Assistance Mission, Solomon Islands still signed a security agreement with China in 2022.

    2. Has Australia mitigated any risks?

    No previous Australian government has offered PNG a binding security guarantee.

    In 1977, Australia and PNG adopted a formal defence relationship. Australia, however, was cautious about instability in PNG and the risk of being drawn into a conflict along its land border with Indonesia. As such, it didn’t provide a commitment to defend PNG.

    In the mid-1980s, PNG requested a defence commitment from Australia. Again, Australia was reluctant. As then-Defence Minister Kim Beazley recalled, PNG was “right in the frame of our relationship with Indonesia”, due to the shared border with Indonesia and the challenge of West Papuan independence activists crossing it.

    As a compromise, the two countries made a Joint Declaration of Principles in 1987 that only provided the two governments “will consult … about matters affecting their common security interests”.

    As the self-determination struggle in West Papua continues, PNG currently has defence units posted on its border with Indonesia.

    Under what circumstances, if any, would Australia provide military support to PNG if violence on the border worsened? And what impact would this have on our relationship with Indonesia?

    Not responding to a call for support from PNG could damage Australia’s reputation in the region. But if Australia did become involved in a conflict, it may be criticised for supporting activities that breach human rights.

    The risk of Australia being unable to respond to a PNG request for military assistance is high because Australia does not have the defence (or policing) capacity to defend or stabilise a sprawling country like PNG.

    Australia’s reliance on US assistance to stabilise Timor-Leste after its 1999 independence referendum illustrates the logistical challenges it faces when making large deployments, even in the region.

    While Australia’s defence capabilities have improved since then, it would still likely only have the capacity to secure key cities in PNG and evacuate Australian citizens if there was serious unrest.

    3. Can Australia justify the cost at home?

    Australian taxpayers – already experiencing cost-of-living pressures – need to be told what funding commitments the government is willing to make to facilitate the treaty negotiations.

    Australia’s promise of A$600 million to fund a PNG team in the National Rugby League is already attracting opposition at home.

    4. What are the long-term defence plans?

    PNG’s strategic location means Australia and the US have long had designs on establishing a permanent military base there.

    Manus Island, for example, has been identified as an ideal submarine base. With Australia developing nuclear-powered submarines under the AUKUS partnership, are there plans to eventually base – or at least resupply – Australian submarines there?

    This could have an impact on Australia’s relationships in the broader Pacific Islands region. There are already concerns in the region about whether the nuclear-powered submarines will comply with Australia’s obligations under the South Pacific Nuclear Free Zone Treaty.

    Australia has legitimate strategic interests in PNG. As such, it’s understandable why a defence treaty is tempting.

    But for 50 years, Australian governments have resisted this temptation because they decided that the risks outweighed the rewards. The current government will need to provide a good justification for its change of course.

    Joanne Wallis receives funding from the Australian Research Council and the Australian Department of Defence. She is a Nonresident Senior Fellow of the Brookings Institution, a nonprofit public policy organisation.

    – ref. A defence treaty with PNG might seem like a ‘win’ for Australia. But there are 4 crucial questions to answer – https://theconversation.com/a-defence-treaty-with-png-might-seem-like-a-win-for-australia-but-there-are-4-crucial-questions-to-answer-250396

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: By land and by sea: UK supports US-led military exercises improving African security and stability

    Source: United Kingdom – Government Statements

    The UK Armed Forces are working with allies to deliver joint exercises with African partners to protect our people, prosperity and shared values.

    UK advisors guide partner forces in urban operations drills at Justified Accord, Kenya (Credit: U.S. Army Southern European Task Force, Africa)

    Thursday 20 February 2025 – The UK Armed Forces have been one of the biggest contributors to two large-scale military exercises that are reaching their climax this week across the land and sea of East Africa. The United States is leading both exercises and has brought together over 2,000 personnel from the armed forces of 29 countries, including 22 African nations.

    The UK is responsible for delivering component parts of these multinational training exercises, under United States stewardship. The UK has been one of the biggest contributors to the Exercise Justified Accord ‘Field Training Exercise (FTX)’ which sees B Company 3 RIFLES exercise alongside a company from the US 173rd Airborne Brigade, a company of Kenya Army infantry, a troop of Kenyan Marines, Kenya Airforce fixed wing and rotary wing assets and, one infantry platoon each from Tanzania and Somalia.

    Exercise Justified Accord is a land multinational exercise being delivered between 10 – 21 February hosted by Djibouti, Kenya and Tanzania. It began with table-top exercises that have laid the foundation for full-scale live activity, which are now underway. The action-packed drills involve coordinating and executing ground attacks, calling in air-support, urban warfare, using drones, and breaching and clearing buildings, as well as medical evacuations.

    Cutlass Express is being conducted simultaneously, mostly in Mauritius, Seychelles and Tanzania. It is a naval warfare exercise which focuses on boarding various types of vessels at high speed to take command and control. The exercise challenges teams to complete scenarios which become increasingly harder and involve different types of vessels – from boarding small boats and dhows, to gaining control of larger vessels whilst under fire.

    In another example of the United Kingdom and the United States being long-term partners for long-term stability and security, Exercise Cutlass Express is taking place for the 15th time, whilst Exercise Justified Accord has been conducted in various forms since 1998. Further joint exercises with African partners are planned for 2025.

    Both exercises will ensure that the different forces involved work together to achieve combat objectives and prepare for real-life scenarios where they may have to collaborate quickly and effectively to counter threats in the region.

    Falling just after the election of the new African Union Chairperson, the exercises also support the African Union’s security objectives by preparing partners for United Nations and African Union missions in Africa.

    It serves as another example of the UK’s support for improved security not just in East Africa, but across the whole of Africa. These include the creation of the history-making, first-ever Kenyan marines and joint-training with the special forces of Nigeria and Ghana.

    Olly Bryant, Defence Attaché at the British High Commission Nairobi, said:

    The UK is a long-term partner, helping to deliver long-term stability and security across East Africa, and we are proud to be working with our allies on delivering high-capacity and high-quality activity. We are also proud of our security partnerships with our partners across Africa, which protect our people, prosperity and shared interests – we go far when we go together.

    EDITOR’S NOTES

    Video and photo content

    Please find free-to-access video and photo content for Justified Accord here: https://www.dvidshub.net/feature/JustifiedAccord

    Please find free-to-access photo and video content for Cutlass Express here: https://www.dvidshub.net/feature/CutlassExpress2025

    Here is a link to a small selection of photos on Google Drive taken from the sites above: https://drive.google.com/drive/folders/1DOz2ajnRjFK4vAMN7KxajL57RgXO-9aJ?usp=sharing 

    Background on Exercise Justified Accord

    You can find more information here, via U.S. Army Southern European Task Force, Africa.

    Background on Exercise Cutlass Express

    You can find more information here, via U.S. Naval Forces Europe-Africa/U.S. Sixth Fleet.

    List of participating nations

    Exercise Justified Accord

    Angola

    Botswana

    Djibouti

    DRC

    Ghana

    Kenya

    Madagascar

    Malawi

    Mozambique

    Nigeria

    Republic of the Congo

    Somalia

    Tanzania

    Tunisia

    Uganda

    Zambia

    France (Observer)

    India (Observer)

    Italy

    Netherlands

    United Kingdom

    United States

    Exercise Cutlass Express

    Comoros

    Djibouti

    Kenya

    Madagascar

    Malawi

    Mauritius

    Morocco

    Mozambique

    Senegal

    Seychelles

    Somalia

    Tanzania

    Tunisia

    France

    Georgia

    India (Observer)

    United Kingdom

    United States

    CONTACT

    For media enquiries, please contact Tom Walker at the British High Commission Nairobi on tom.walker2@fcdo.gov.uk.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Microsoft just claimed a quantum breakthrough. A quantum physicist explains what it means

    Source: The Conversation (Au and NZ) – By Stephan Rachel, Professor, School of Physics, The University of Melbourne

    Microsoft says the Majorana 1 processor is a ‘transformative leap toward practical quantum computing’. Microsoft

    Researchers at Microsoft have announced the creation of the first “topological qubits” in a device that stores information in an exotic state of matter, in what may be a significant breakthrough for quantum computing.

    At the same time, the researchers also published a paper in Nature and a “roadmap” for further work. The design of the Majorana 1 processor is supposed to fit up to a million qubits, which may be enough to realise many significant goals of quantum computing – such as cracking cryptographic codes and designing new drugs and materials faster.

    If Microsoft’s claims pan out, the company may have leapfrogged competitors such as IBM and Google, who currently appear to be leading the race to build a quantum computer.

    However, the peer-reviewed Nature paper only shows part of what the researchers have claimed, and the roadmap still includes many hurdles to be overcome. While the Microsoft press release shows off something that is supposed to be quantum computing hardware, we don’t have any independent confirmation of what it can do. Nevertheless, the news from Microsoft is very promising.

    By now you probably have some questions. What’s a topological qubit? What’s a qubit at all, for that matter? And why do people want quantum computers in the first place?

    Quantum bits are hard to build

    Quantum computers were first dreamed up in the 1980s. Where an ordinary computer stores information in bits, a quantum computer stores information in quantum bits – or qubits.

    An ordinary bit can have a value of 0 or 1, but a quantum bit (thanks to the laws of quantum mechanics, which govern very small particles) can have a combination of both. If you imagine an ordinary bit as an arrow that can point either up or down, a qubit is an arrow that can point in any direction (or what is called a “superposition” of up and down).

    This means a quantum computer would be much faster than an ordinary computer for certain kinds of calculations – particularly some to do with unpicking codes and simulating natural systems.

    So far, so good. But it turns out that building real qubits and getting information in and out of them is extremely difficult, because interactions with the outside world can destroy the delicate quantum states inside.

    Researchers have tried a lot of different technologies to make qubits, using things like atoms trapped in electric fields or eddies of current swirling in superconductors.

    Tiny wires and exotic particles

    Microsoft has taken a very different approach to build its “topological qubits”. They have used what are called Majorana particles, first theorised in 1937 by Italian physicist Ettore Majorana.

    Majoranas are not naturally occurring particles like electrons or protons. Instead, they only exist inside a rare kind of material called a topological superconductor (which requires advanced material design and must be cooled down to extremely low temperatures).

    Indeed, Majorana particles are so exotic they are usually only studied in universities – not used in practical applications.

    The Microsoft team say they have used a pair of tiny wires, each with a Majorana particle trapped at either end, to act as a qubit. They measure the value of the qubit – expressed by means of whether an electron is in one wire or the other – using microwaves.

    Braided bits

    Why has Microsoft put in all this effort? Because by swapping the positions of Majorana particles (or measuring them in a certain way), they can be “braided” so they can be measured without error and are resistant to outside interference. (This is the “topological” part of “topological qubits”.)

    In theory, a quantum computer made using Majorana particles can be completely free of the qubit errors that plague other designs.

    This is why Microsoft has chosen such a seemingly laborious approach. Other technologies are more prone to errors, and hundreds of physical qubits may need to be combined together to produce a single reliable “logical qubit”.

    Microsoft has instead put its time and resources into developing Majorana-based qubits. While they are late to the big quantum party, they hope they will be able to catch up quickly.

    There’s always a catch

    As always, if something sounds too good to be true, there is a catch. Even for a Majorana-based quantum computer, such as the one announced by Microsoft, one operation – known as T-gate – won’t be achievable without errors.

    So the Majorana-based quantum chip is only “almost error-free”. However, correcting for T-gate errors is much simpler than the general error correction of other quantum platforms.

    Microsoft plans to scale up by grouping together more and more qubits.
    Microsoft

    What now? Microsoft will try to move ahead with its roadmap, steadily building larger and larger collections of qubits.

    The scientific community will closely watch how Microsoft’s quantum computing processors operate, and how they perform in comparison to the other already established quantum computing processors.

    At the same time, research into the exotic and obscure behaviour of Majorana particles will continue at universities around the globe.

    Stephan Rachel receives funding from Australian Research Council (ARC).

    – ref. Microsoft just claimed a quantum breakthrough. A quantum physicist explains what it means – https://theconversation.com/microsoft-just-claimed-a-quantum-breakthrough-a-quantum-physicist-explains-what-it-means-250388

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI NGOs: ‘No going back’: Greenpeace applauds Albanese gov’s investment in green industry and jobs

    Source: Greenpeace Statement –

    SYDNEY, Thursday 20 February 2025 – Greenpeace Australia Pacific has welcomed the Albanese government’s announcement of a new Green Iron Fund in Whyalla today, a move it says will support workers as well as national efforts to tackle climate pollution.

    Prime Minister Anthony Albanese announced a $1 billion Green Iron Fund in Whyalla, SA today to, “boost green iron manufacturing and supply chains by supporting early mover green iron projects and unlocking private investment at scale.”

    Geoff Bice, WA Campaign Lead at Greenpeace Australia Pacific said: “Greenpeace applauds the Albanese government’s significant investment into a green iron industry in Australia. 

    “Green iron presents enormous economic opportunities for Australia, and in particular states like Western Australia with its skilled industrial workforce, export infrastructure, and abundant clean wind and solar energy. 

    “As our export partners move to rapidly decarbonise their supply chains, now is the time for the government to invest in the future of local workers and businesses by supporting green industry and technology. Today’s announcement sends a strong signal globally that Australia is serious about future-proofing our industries and economy, and serious in its commitments to reduce climate pollution.

    “The clean energy transition is well underway and there’s no going back — by investing in green jobs and industry now, and ramping up the rollout of renewable energy backed by storage, we can build a world-leading green economy, protect our precious nature, and support global efforts to address the climate crisis.

    “This is just the beginning — we urge state governments, particularly the WA Government, to follow suit and lay the foundations for the green economy of the future, to ensure our workers and industries don’t get left behind, and to support a safe, liveable planet for all.”

    —ENDS—

    For more information or to arrange an interview please contact Kate O’Callaghan on [email protected] on 0406 231 892

    MIL OSI NGO –

  • MIL-OSI New Zealand: ACT welcomes further debate on banking wokery

    Source: ACT Party

    In response to the draw of the Financial Markets (Conduct of Institutions) Amendment (Duty to Provide) Amendment Bill from Parliament’s ballot:

    “When I first raised the problem of climate ideology in banking, it was an issue only grumbled about across the farm fence. Now it’s a mainstream concern, challenged in New Zealand’s highest chambers of power,” says ACT Rural Communities spokesperson Mark Cameron, who is also leading a select committee inquiry into rural banking practices.

    “The ACT team will be looking at the detail of this bill before forming a position.

    “In the meantime, ACT will continue to make the case for tackling woke banking practices at the cause. That includes the Net Zero Banking Alliance, which major banks in the United States, Canada, and Australia are rightly fleeing. We’ve also challenged the stupid climate commitments placed on banks by the Financial Markets Authority.”

    MIL OSI New Zealand News –